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Celebrity Tax Blunders: What You Can Learn from How Fame Mishandles Fortune

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Nicholas CageWe all wish we could follow in the successful footsteps of our favorite celebrities. But sometimes, you can learn from their mistakes as well.

For whatever reason, celebrities often end up crossing paths with the IRS. You might assume that most of the problems stars have with the tax man don't really apply to average everyday folks. But though the dollar amounts might be smaller, many ordinary people get snared by the same traps that catch Hollywood's best and brightest.

Let's take a look at some common mistakes and what you can do to avoid them.

Click through our Celebrity Tax Lessons here:



For more smart tax moves:

If Motley Fool contributor Dan Caplinger ever becomes a celebrity, he'll do his best to avoid those tax mishaps. You can follow him on Twitter here.


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Mortgage Refinance Tax Deductions

When refinancing a mortgage to get a lower interest rate or obtain more favorable loan terms, you're really just taking out a new loan and using the money to pay off your existing home loan. In general, the same tax deductions are available when you're refinancing a mortgage as when you're taking out a mortgage to buy a home.

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Rental property often offers larger deductions and tax benefits than most investments. Many of these are overlooked by landlords at tax time. This can make a difference in making a profit or losing money on your real estate venture. If you own a rental property, the IRS allows you to deduct expenses you pay for the upkeep and maintenance of the property, conserving and managing the property, and other expenses deemed necessary and associated with property rental.

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Elvia

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April 12 2012 at 9:07 PM Report abuse rate up rate down Reply
njcorrections05

Honestly they can simply settle an IRSS tax debt without spending thousands on those guys form TV, pennie son the dollar? bull S. those guys practices are bing looked into by the IRS.

here's a link that has all the forms you need to settle an IRS tax debt. I did it no BS owed 9900.00 settled for 2200.00 did not all by myself.

http://www.barnesandnoble.com/w/irs-diy-tax-debt-settlement-stevenson/1109296729?ean=2940013998841

April 12 2012 at 4:49 PM Report abuse rate up rate down Reply
mfg75123

I would rather see a list of
Politician tax blunders
Wouldn't you like to see if any one is telling us to pay more
at the same time they are being tax frauds?
I think this is more important to know than a celebrity tax blunder

April 12 2012 at 3:01 PM Report abuse rate up rate down Reply
cpo1514

what did I learn... Hollywood types back Obama.... figures.... most end up like the Obama Green Energy.... Bankrupt....

April 09 2012 at 10:22 AM Report abuse +2 rate up rate down Reply
Augusts

And you know,
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April 08 2012 at 11:43 PM Report abuse rate up rate down Reply
Augusts

Be smarter than a celebrity." Come on, you've got to be kidding. My dog is smarter than the average celebrity. I've never met anyone dumber than a celebrity.
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April 08 2012 at 11:43 PM Report abuse rate up rate down Reply
Justin Mars

Forget paying taxes. He belongs in jail for some of the horrible movies he has made the last few years. What happened to this guy? Don't forget that he was abusive and was caught with cocaine. The averae Joe would be doing 1 to 10 years. He probably only spent the weekend in jail for those offenses.

April 07 2012 at 6:09 AM Report abuse +1 rate up rate down Reply
Peter & Fred

Just doesnt make sense at all...if we the hard working average American and we owed even a dime...the IRS would be on our backs and not let up....
I guess if your famous the goverment forgives or turns their back .
Shame shame shame

April 06 2012 at 11:52 PM Report abuse +1 rate up rate down Reply
AnnZ

I got screwed by the IRS, and the Statute of Limitations ran out after 10 years. I didn't even know!!!!! They actually sent me MY CHECK BACK!!!!!!

April 06 2012 at 11:36 PM Report abuse rate up rate down Reply
Alycia and John

As long as the IRS gets their money for free. who taxes them?

April 06 2012 at 11:19 PM Report abuse rate up rate down Reply