It turns out that Celebrities are just like the rest of us- they hate paying taxes just like all the rest of us do. The latest celeb to fall victim to a public personal-finance debacle is Nicholas Cage. According to sources, Cage owes about $6million in unpaid taxes from 2007 to the IRS. He owes more than $350,000 for back taxes from 2002-2004.
Cage's financial troubles are due to speculative real estate investments and accounting techniques. He is now involved in a $20 million dollar lawsuit. He is being forced to sell major assets and investments at a signicantly lower price which he will take as a loss. Cage is faced with huge tax liabilities because of one of his accountant's incomeptence, misrepresentations, and recklessness. His biggest mistake was a failing to file his client's income taxes.
In order to rake up some cash to pay all of his taxes, Cage is being forced to put the following properties up for sale:
His Bel Air mansion for about $10 million.
His Las Vegas digs, also for roughly $10 million.
A $3.55 million mansion in New Orleans' Garden District. Described as "haunted."
A 24,000-square-foot $12 million mansion in Rhode Island.
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Posted By: Amy Nightingale
I think this is a really interesting article. Just becuase people seem rich and famous at one point in their lives doesnt mean they will stay this way forever. His debt is huge! It just gose to show everyone no matter how rich you are shows you that you need to know about personal finance.
ReplyDeleteComment Posted By, Meredith Anderson
You always think the grass is greener on the other side but this case shows you that things are not always as they seem. SO many people who look rich and that they have it all it is often the case that this is not the truth.
ReplyDeletePosted By:Sara Sindelar