The 81st Golden Globe Awards celebrated the very best in movie and tv productions of 2023. Whereas everybody can’t stroll away with the coveted trophy from the Hollywood Overseas Press Affiliation (HFPA), the winners and presenters acquired a fairly particular (and dear) prize for his or her half within the annual extravaganza.
In accordance with a press launch on the Golden Globes’ web site, this yr’s reward luggage are estimated to be price over $500,000 and embrace greater than 35 luxurious merchandise and experiences. Robb Report crafted “The Final Reward Field” – and along with lavish journey, caviar, and way more, the Robb Report “will make a beneficiant contribution to the Golden Globes® Basis to help arts, training, journalism, humanitarian initiatives, and non-profit organizations devoted to empowering underrepresented communities throughout the leisure business.”
However what are the potential tax ramifications of receiving journeys to unique places, skincare therapies, or a session with a tattoo artist included within the swag bag? Recipients might want to declare the honest market worth of the luggage as odd revenue somewhat than as a present, in response to a 2006 settlement reached by the IRS and the Hollywood Overseas Press Affiliation, which administers the Golden Globes.
Assuming the superstar is within the highest tax bracket and a 37% charge applies, this yr’s swag luggage include a hefty tax price ticket that might be near $185,000 relying on the precise worth of the swag luggage. Which will have some nominees seeing a pink gentle as an alternative of the pink carpet. On the brilliant aspect, recipients of the goodie luggage are allowed to donate the items to charity and obtain a tax deduction, however they nonetheless have to assert the items as revenue.
Whilst you will not be a Golden Globe nominee, any profitable bets you place on nominees, in addition to another playing, lottery, raffle, and sweepstakes winnings you had in the course of the yr are thought of taxable revenue. Whether or not you had a fortunate 2023 or already setting your sights on 2024 winnings, TurboTax will ask you about your winnings and assist each step of the best way when submitting your taxes.
It doesn’t matter what strikes you made final yr, TurboTax will make them rely in your taxes. Whether or not you wish to do your taxes your self or have a TurboTax skilled file for you, we’ll be sure to get each greenback you deserve and your greatest doable refund – assured.
