MovieChat Forums > Here Comes the Boom (2012) Discussion > Wait.... What about the taxes?

Wait.... What about the taxes?

posted 12 years ago by deadclock
10 replies | jump to latest

50 grand is what he wins. 48 was what was needed.

Wouldn't he have to pay taxes on this income? Wouldn't this reduce the winnings dramatically below the amount needed?

How much did it cost to fly and house 4 people to Vegas from Boston?
How much did it cost to fly and house a school band to Vegas from Boston?

Why not just donate the cost of the trip to the music program?

[–] ash-cooper-940-448273 12 years ago

The trip was paid by the UFC (probably).

Good question about the tax though - he simply avoided it.

[–] OutlawsDeLejos 12 years ago

Would the winnings be tax exempt if they were being donated?
I don't know.

[–] DaliParton 12 years ago

Would the winnings be tax exempt if they were being donated?

You are correct.

As for the costs of flying to vegas - the UFC definitely picked up the tab for the kids, they said that in the movie. His own travel expenses, I don't know, it could be either way depending on the circumstances but really not likely to be more than $2K if he was budget minded.

[–] pmachete 12 years ago

Perhaps his selfless underdog story even inspired the IRS.

[–] disconnexions 12 years ago

Well that leaves room for a sequel.. He pays the school's budget but then gets hit with an IRS bill. He then goes to jail and has to fight his way out.. Here Comes The Shank!!

http://www.facebook.com/bringbacklaworder

[–] Magic_313 12 years ago

He donated 50K. That should get him a 100K tax deduction.

http://www.iras.gov.sg/irashome/page04.aspx?id=1274

ps: I am totally wrong. He donated almost 100K.

[–] towelb0y 12 years ago

I dunno, that KO might have been enough for a bonus. That happens in the UFC. Could have easily been written in but whatever.

[–] okaybuddy 12 years ago

In the sequel he fights Irwin R. Schyster

[–] bilingualvoiceman 12 years ago

Great old WWF reference!

Accompanied by the million dollar man, Ted Debiase!

[–] 12 years ago

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