Nicolas Cage Owes Gift Taxes to IRS

Fri, 15 April 2011 17:05:05 ET

Nicolas Cage Owes Gift Taxes to IRS
© Fame Pictures  
Nicolas Cage owes $624,934.64 in unpaid gift taxes to the IRS for money he paid to people between 2004 and 2009.
reportedly owes over $620,000 in unpaid gift taxes.

The "" star is alleged to have given a total of $1.8 million to various people between 2004 and 2009, but did not pay the required taxes, according to the Internal Revenue Service (IRS).

Gossip website TMZ obtained a federal tax lien filed against Cage in Los Angeles County on March 17 which states the Hollywood actor owes $624,934.64 for his donations.

Under federal tax laws a 35 per cent tax must be paid by the giver on any large cash gifts.

In 2009, it was revealed Cage owed $14 million in unpaid taxes and fees for the years 2002, 2003, 2004 and 2007.

In December 2010, the 47-year-old Hollywood actor made a $360,545 tax payment to the US government to cover owed back taxes from 2002 to 2004.

Cage has claimed he was led "down a path of financial ruin" by his former business manager Samuel Levin, who he sued for $20 million.

He filed the lawsuit against Levin in October 2009, claiming his ex-employee had caused him "catastrophic losses" by making bad investments but dropped the case in September 2010 after allegedly agreeing to settle out of court.

The actor has been beset by financial problems in recent months and in October 2010 he was ordered to pay over $2 million to the Nevada State Bank.

He owed $2,511,605.74 because of a loan he defaulted on, as well as unpaid taxes, legal costs and lawyer's fees after his Las Vegas home was repossessed last year.






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