The 2012 Oscars: Celebrity Swag Bags and Taxes [Video]
February 26, 2012 : Jenna Bromberg - Past Contributor
Even if the celebrities walking the red carpet don’t take home any Oscar hardware tonight, most won’t be leaving empty-handed.
Between the plentiful freebies given out in sponsored luxury gift suites and the loot in official ‘swag bags,’ A-listers have been known to score up to $100,000 in free gifts at awards shows like the Oscars (think lavish vacations, high-end beauty products, electronics and jewelry). Not bad, eh?
But what many people don’t know is that in the eyes of the IRS, these freebies aren’t so free at all: the trips, the jewelry and the $500 face cream is all considered taxable income. Seriously.
In our latest video, H&R Block Social Media’s Matt Staub & Jenna Bromberg discuss the tax implications of Oscar swag — and why some celebrities no longer accept these fabulous freebies at all.
[Image: Beacon Radio via Flickr]