Monday March 28, 2022 – You may have heard about the BIG news at the Oscar’s last night. That’s right the “Everyone Wins” gift bags were filled with gifts worth a total of $137,000.00!! And, as it turns out, those gifts are taxable to the recipient.
With most every Hollywood “Star” in the 50% tax bracket, that means that each actor/actress who accepts the gifts are on the hook for half the value.
Now, some of those eligible did not accept the gift bag. And, as it turns out, no one is taxed on all the gifts, because no one redeems all the gifts.
Attorney Steven A. Leahy explains why this tax may matter to mere mortals.
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649