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.