Rolls-Royce as Farm Equipment? 4 Tax Tips for Hollywood's Big Earners

6:45 AM 9/29/2017

by THR Staff

Yes, you can claim it — and get a 50 percent deduction.

Getty Images; iStock

This story first appeared in the Sept. 27 issue of The Hollywood Reporter magazine. To receive the magazine, click here to subscribe.

  1. 1

    Claim your Rolls-Royce as farm equipment

    "You can get a 50 percent deduction on a Rolls-Royce," says business manager Evan Bell. "We consider a Bentley and Rolls farm equipment, and the government supports us."

  2. 2

    Rent out your Malibu beach house

    "I'm a big fan of 280A(G), which allows for the rental of one's home for up to 14 days per year without needing to recognize the income," says manager Steves Rodriguez.

  3. 3

    Move to Nevada (or another tax-free state)

    "I have no idea why anyone would want to live in a state as tax-aggressive as California or New York," says manager David Weise. "Unfortunately, I have to live here."

  4. 4

    Give your stuff away

    "Lots of clients make noncash donations, but they don’t bother to get receipts," says manager Sharon Altman. "In their mind they're just getting rid of stuff, but get a receipt because you're really missing out."