Posts Tagged ‘Sinbad’

Celebrity Homes For Sale

Thursday, August 12th, 2010

Does Sinbad own his home? The comedian born David Adkins recently filed for bankruptcy after the IRS filed $8.15 million in tax liens.  Sinbad has been fighting with the IRS for years but now they are getting serious about getting their money.  His luxury home in the celebrity-friendly enclave of Hidden Hills in Los Angeles County is reportedly owned by his brother, Michael Adkins. But court documents seeking seizure of the house allege that the arrangement is a sham pointing out that Michael Adkins works for his brother’s production company and that the expenses for the property including mortgage payments were paid from the production company account.

The home has hit the market for $3 million. The home was bought in 2007 for $1.5 million. The five-bedroom home sits on 2.4 acres that include a guest house, recording studio, pool and a barn. Listing pictures show a home with plenty of space.

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Tags: dealerships, Go Mini’s, Mobile storage, mobile storage containers, Moving and Storage, portable storage, portable storage containers, portable storage units, Sinbad, storage containers
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TV Winners? or Not So Much?

Monday, June 28th, 2010

Wheel of Fortune, The Price is Right, and reality shows like Extreme Makeover, and Survivor have large payouts to the big winners. But even if you win you may not be happy when it comes time to pay the taxes and other fees from those winnings. It is an unhappy ending that isn’t that uncommon. All contestants and participants are given the rules in advance. A spokesperson from Extreme Makeover Home Edition says the show offers its families financial counseling to try to help them understand what they’re facing. Few of the families that win the HGTV Dream House can afford to make the payments on their fabulous new home and pay the taxes owed. That’s because the IRS treats your winnings as income.

So if a home is worth $2 million, and you win it, the IRS will simply add the appraised value of the property to your annual income and expect you to pay taxes at the highest rate. At least two Extreme Makeover participants have filed for bankruptcy.

Game show contestants and reality show participants love to win stuff, but all television shows struggle with the question of the inevitable tax bill.  The only way to write a happy ending is to understand how much you’re really winning, how much it will really cost you, and how big a piece Uncle Sam will ultimately take.

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Tags: dealerships, Go Mini’s, Mobile storage, mobile storage containers, Moving and Storage, portable storage, portable storage containers, portable storage units, Sinbad, storage containers
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