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Jared Kushner has a net account of about $324 million, and his aggregation has been profitable. But Kushner, who is President Donald Trump’s son-in-law and chief adviser, appears to accept paid about no federal assets taxes for several years running, according to abstracts advised by The New York Times.

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Here’s an archetype of how he did it:

Step 1: The purchase

Kushner Cos. buys a property. The majority of the money for the acquirement comes in the anatomy of mortgages and claimed loans from banks.

Step 2: The write-off

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Under the federal tax code, absolute acreage investors can address off the acquirement bulk of the architecture — excluding the bulk of the acreage — over a aeon of decades. Although Kushner Cos. has spent little or no banknote of its own, the close takes ample anniversary deductions based on the abstract abrasion of the building’s value.

Step 3: The loss

The acreage generates banknote for the Kushners. But any earnings, which would be accountable to the federal assets tax, are ashore by the bulk that the aggregation is demography in write-offs for depreciation. The aftereffect is that Kushner Cos. annal a net accident for tax purposes.

Step 4: The investors

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The aggregation passes on that accident to its owners, including Kushner and his father, Charles.

Step 5: The offset

The accident can be acclimated to account the Kushners’ assets in the year it is recorded, and it can be agitated advanced to aish out approaching assets or to get refunds for taxes they paid in antecedent years.

Step 6: The deferral

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When Kushner Cos. sells a property, it can use the gain to accounts a new acquisition. If done aural the appropriate time frame, the aggregation can indefinitely adjourn any capital-gains taxes it ability owe on the auction of the aboriginal property.

Step 7: The result

The aftereffect is credible in Jared Kushner’s tax returns, which were abbreviated in the abstracts advised by The New York Times. Here’s an archetype from 2015.

Income

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W-2 income: $198,000.

Taxable interest: $536,000.

Dividends: $1,000.

Capital gains: $974,000.

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Deductions

Tax losses from absolute acreage and added partnerships: $3.5 million.

Tax losses agitated advanced from antecedent years: $4.8 million.

Total adapted gross income

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Negative $6.6 million.

Tax refund

$4,000.

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