Senior Advisor to the President Jared Kushner paid no federal income taxes for many years, despite making millions a year as a real estate developer, according to a new report.

In a report on Saturday, the New York Times analyzed 40 pages of confidential financial documents created as a review of his finances for an institution that was considering lending to Kushner, Daily Mail reported.

Experts who reviewed the documents said that Kushner, 37, avoided any federal tax liability for most of the years between 2009 and 2016.

The loophole Kushner used, which is legal, was depreciation, or the ability to write down the value of real estate over time and generate paper losses that offset any income.

A spokesman for Kushner's lawyer said that he 'properly filed and paid all taxes due under the law and regulations' but refused to comment on documents 'obtained in violation of the law and standard business confidentiality agreements.' 

Depreciation is widely used by businesses to write down the value of capital investments over time, accounting for the fact that machines and equipment break down and eventually become worthless over the years.