Tax,
Entertainment & Sports
Jun. 10, 2022
Johnny Depp and Amber Heard face taxes too
It’s hard to consider Depp’s defamation of Heard (which was actually done by Depp’s lawyer) as business-related. If a payment is personal – even a big payment to settle a lawsuit – it is not tax deductible.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Legions of adoring fans tuned in daily to watch the spectacle as Johnny Depp and Amber Heard were locked in a tit for tat defamation case. It seemed like a continuation of a divorce case, and in some ways it was. One can argue that there was no real winner, since the case drug each actor through the mud in one way or the other.
On the other hand, it’s clear that Depp emerged victorious on the dollars, and he clearly felt vindicated with so...
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