$140k Oscar Gift Bag Could Cost Nominees A Lot in Taxes
This year’s Oscar nominees have nearly $140,000 in gifts at their fingertips — but before they claim their loot … they might wanna consider Uncle Sam, who’ll want his cut.
Every year, actors who get a nod from the Academy are also afforded a sweet goodie bag that’s worth a bundle — and this year is no different, with marketing company Distinctive Assets offering up a ton of prizes that, if claimed in full, are valued at $137k and change.
For the 20th year, marketing firm Distinctive Assets is independently presenting the top acting and directing #Oscar nominees with a gift bag worth $138,000 pic.twitter.com/NHDHWEgwEq
— Reuters (@Reuters) March 25, 2022
The gifts up for grabs include everything from an all-expenses-paid trip to Scotland with a 3-night stay at a fancy castle ($50k), free construction for a home renovation ($25k), a comped 4-night visit to a luxury spa resort ($15k), a plot of land in the U.K. and a noble title, free lipo ($12k) … among lots of other perks in the form of services/experiences, or pricey objects.
Might sound cringe — indeed, it has sparked outrage for a variety of reasons — but here’s the kicker … the more gifts they claim from the lot, the more they pay down the road.
Oscar nominees will receive gift bags worth nearly $140,000—but they could come with a hefty tax bill (via @CNBCMakeIt) https://t.co/0PjoXhRyqD
— CNBC (@CNBC) March 27, 2022
Yep, we’re talking about taxes here … and all signs point to a hefty bill if a majority of these gifts are accepted and/or used. Everything the nominees claim will be viewed as taxable income — and some experts speculate that they can be taxed at a rate of 50% or higher!
Of course, that probably isn’t lost on the stars themselves … who may not take up any of the offerings being presented. In fact, Distinctive Assets founder Lash Fary explains that just about $5,000 of the swag bag is made up of actual stuff they can take home … the rest are services/trips. So, if a majority of the gifts go unclaimed, the bag isn’t worth as much.
Rather than make virtuous tearful speeches tonight about how much they care about Ukraine, it might be nice if all the Oscars presenters & nominees auction their revoltingly ostentatious $140,000 gift bags to raise funds for Ukrainian refugees.
— Piers Morgan (@piersmorgan) March 27, 2022
Still, the fact they’re trotting out these gratuitously expensive carrots for the nominees at all — something that’s been going on for years, BTW — has made some wonder… what’s really important right now?
Ukraine is top of mind for many, and will likely be addressed … but perhaps the high-valued goodies could be going toward better causes than just corporate promotion and branding.