As many of you know the stars get high end gifts for appearing at the Oscars? Some say its a form of payment and should be taxed for the retail value. The value of the gifts have been estimated at well over 100,000 for the winners. So should they have to pay taxes on the gifts?

Yep!

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Why shouldn't they?

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Nicole

no. They are gifts.

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-Brandy

(to Brandy)

Kelli

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Because who ever put the gift together paid the taxes when the it was put together.

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If its a "gift" then I don't see how it can be taxed. And if they are going to be required to pay taxes on something then they should be told in advance and be allowed to not accept it.

But again, I was unaware that any "gifts" could be taxed. I know if you win something like on a game show you are taxed for it. I see that as being different than a gift.

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MaybeI should tell my grandma that when she's about to die, she should 'gift' me her 5 million dollars so I don't have to pay taxes on it.

I think gifts over a certain amount should be taxable. If I have to declare my tax refund as taxable income, then pricey gifts should also be taxable.

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You know, if your grandma doesn't want the govt. to have any of her money she could "gift" everyone in the family up to $10,000 a year that nobody has to pay taxes on! Otherwise the estate tax applies

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I think it's more a form of advertising for the manufacturers. Companies pay big bucks to get their products into those gift baskets. What better promo is there than a celebrity wearing/using your product?

I agree with the op's, that a gift is a gift and should not be taxed.

many families of wealth do start liquidating their iteams/money and give "gift" up to a certin dollar amount each yr just for this purpose. they also do it long b/4 the end so that they don'y hit a certian tax bracket. even when they do give "gifts" they have to stay w/ in a certin dollar amount so this isn't taxed.

q4t ~

it is a gift from the academy. many companies give gifts i get one each yr sure it isn't 100,000. but there is value to it. i don't think it would be a gift if there was some stipulation to it?

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jacqueline~

I don't know how the law works there, but why can't Grandma just open up a
joint bank account with you? Can't you avert the taxes that way?

But weren't the taxes already paid once? Why should someone pay taxes on the same thing twice?

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Snowy days!



Jennifer (37) & Chris (41)
Alex 3.5
Teagan 1

Not unless they are considered property, like a car or house.

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No.

Also from my understanding the reason they're given these designer clothes and jewelry is becuase it's walking advertising for the designer and not so much a "payment" for the stars. Everytime a celebrity wears something it's increased business for the designer.

No. Those things were GIFTS. None of us pay taxes on gifts that are given to us, so why should they?

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Because some folks feel its not really a gift. They say its payment for services rendered.I'm not the one who just dug this topic up. I saw it on one of those news shows.

Because their gifts cost so much more!

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I think the IRS should just stop taxing everybody.

If you actually read the IRS book , they want you to claim even time spent helping out a neighbor with work, and to claim the amount that your time was worth and to be taxed on that. They are out for every penny! I think stars should not be taxed for gifts.

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Amanda: Mom of 5 beautiful kiddos. We are a non-vaxing, unschooling, homechurching, and farming family. We are unique and love every minute of it

Expecting #6 on June 28th 2007

Well then, whoever foots the bill for those "gifts" can stop doing so if they choose. If they can't afford to give them, they won't! That's my personal opinion.

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