Mayor Eric Adams just released his tax returns —here’s what they reveal
Mayor Eric Adams reported making $245,000 last year — including $3,400 in profits from rent at his much-scrutinized walkup in Brooklyn — before he moved to Gracie Mansion, newly released tax returns show.
The 24-page federal and state tax filing shows that Hizzoner earned the bulk of his income in 2021 from his then-position as Brooklyn borough president and from his police pension.
All told, Adams paid $73,000 to federal, state and local authorities in income taxes in 2021, or approximately 30 percent of his earnings.
The mayor’s personal finances and living arrangements came under close scrutiny during the 2021 mayoral election, following charges he had misused government resources by living at Brooklyn Borough Hall and was regularly commuting in from New Jersey.
His campaign denied both charges, though Adams had touted installing a bed in the historic building during the coronavirus pandemic.
Much of the attention centered on a walkup the mayor owns on Lafayette Avenue in Brooklyn’s Bedford-Stuyvesant neighborhood, where neighbors said in interviews they had rarely — if ever — seen Adams there.
Those recollections were seemingly boosted by Adams’ tax returns, in which he reported to the tax authorities that he spent zero days living in any of the units and also failed to report any rental income from the apartments he had leased out.
Adams was forced to amend his tax filings for 2017, 2018 and 2019 and he chalked up the errors to his then-tax preparer, Clarence Harley, whom reporters could not locate and court records show was fired from his job managing a Harlem co-op.
And then his campaign organized an extraordinary tour of the ground-flood apartment in the building that Adams called home.
The controversy reignited this spring when he initially suggested that he would not make his tax returns public, which would have made him the first mayor in recent New York history to refuse to do so.
Every mayor since at least Ed Koch has provided partial or complete copies of their tax returns to the press and public, even though the release is not required under city or state law, as a transparency measure in response to decades of earlier corruption scandals.
City Hall eventually backtracked days later, but Adams delayed providing the returns until October, citing his application with the IRS for a six-month extension.
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