Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package
In 2018, The New York Times reported that Jared Kushner, Mr. Trump’s son-in-law and adviser, likely didn’t pay federal income taxes for several years because of paper losses generated by depreciating his companies’ properties, despite his significant wealth and earnings from other sources, according to confidential financial documents.
Mr. Trump has also reported significant losses on his tax return. Portions of a 1995 tax return published by The Times showed nearly $916 million in losses, which could have permitted him to avoid paying any federal income taxes for almost two decades.
The 2017 law restricted both men’s abilities to reap tax savings through only-on-paper losses; now, with those limits likely to be lifted, Mr. Trump and Mr. Kushner, as well as other wealthy real estate developers, have the potential to score big tax savings.