Kushner, the Jewish son-in-law of President Donald Trump and a senior White House advisor, and his company did not break the law, the newspaper reported.
The Times noted that the low tax bills are the result of a common tax-minimizing maneuver that generated millions of dollars in losses on paper, due to depreciation of the company’s real estate holdings.
The newspaper obtained more than 40 pages of confidential financial documents from a person who has had financial dealings with Kushner and his family. Thirteen tax accountants and lawyers reviewed the documents for the Times, according to the newspaper.
Kushner stepped down as CEO of Kushner Companies in January 2017 after Trump was sworn in as president.
A spokesman for Kushner’s lawyer told the Times that Kushner “paid all taxes due under the law and regulations.”
Kushner reportedly filed tax returns separately from his wife, Ivanka Trump, a businesswoman in her own right.
The Republican tax overhaul last year eliminated the depreciation benefit for all industries except real estate, according to the Times.