New York City Mayor Eric Adams claimed taxable income for the first time in several years on the Brooklyn rowhouse he calls his home.
Tax forms released on Friday by the mayor’s office showed Adams reported $3,429 in net taxable income after deductions last year on the four-unit Bedford-Stuyvesant property he owns, The City reported. The Lafayette Avenue property came into the national spotlight during Adams’ mayoral campaign, when a Politico report raised questions over where he calls home.
The filing marked a change from previous years, when Adams avoided paying taxes on income he earned through the property by claiming he had enough deductions and expenses to cancel out his tax burden and any rent he collected.
The mayor claimed from 2017 to 2019 to have no “personal use” days at the building, which permitted him to deduct repair costs for the property and negate his rental income, amended tax forms show.
A campaign spokesperson said last year the claim “was a mistake” and pledged the mayor would file amended forms. But Friday’s release did not include the amendments to his previous documents.
Adams reported almost $232,000 in total taxable income last year, according to the documents. The mayor did not claim zero personal use days, instead leaving the question blank and listing 365 “fair rental days” on his forms.
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From 2017 to 2019, Adams reported $36,000 in rental income before deductions and between $6,000 and $8,000 spent on repairs and supplies. For 2021, the mayor filed $24,600 in rental income before deductions and only $400 on repairs and supplies, claiming the deductions only applied to the three other rental units and not to his own apartment.
Adams’ property portfolio sparked questions after Politico reported in June 2021 he co-owns a condo across the Hudson River in Fort Lee with his partner Tracey Collins. However, the then-candidate said last year he had been living in the ground-floor unit of the Bed-Stuy property since 2017, even hosting reporters for a tour of the unit.
Upon taking office in January, the mayor moved into Gracie Mansion.
Adams made contradictory statements earlier this year about whether he planned to release his tax forms. The mayor had received a filing extension and would provide access to his documents later in the year, according to a spokesperson at the time.
The mayor’s stake in a Prospect Heights co-op also came under scrutiny this year, when it was revealed that Adams still owned a 50 percent interest in the unit after claiming during the campaign to have gifted it to a friend 15 years ago.
— Pat Ralph