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Rich, famous and tussling with the taxman

Taxes » Tax Law » Rich, Famous And Tussling With The Taxman

Stephen Baldwin
Stephen Baldwin © PR Photos

The star: The youngest of the acting Baldwin brothers (Alec, Daniel, William) is best known for his film roles in "The Usual Suspects" and "Bio-Dome" and reality TV appearances on "Celebrity Apprentice," "Celebrity Mole" and "I'm a Celebrity, Get Me Out of Here!"

Amount owed: $1 million

What happened: The reality of being a reality-TV star caught up with Baldwin in July 2009, when he filed for Chapter 11 bankruptcy in New York. Court documents show that Baldwin and wife Kennya (the daughter of jazz musician Deodato) owed $1.2 million on two mortgages on their home, more than $1 million in back taxes, and $70,000 in credit card debt.

The outcome: Unclear, since Baldwin declared personal bankruptcy, discharging much of his outstanding debt. In a financial side note, Baldwin sued fellow actor Kevin Costner in 2012, claiming the "Dances with Wolves" star edged him out of an $18 million deal with BP to purchase oil-separating centrifuges to clean up the Deepwater Horizon spill. Baldwin's $1.4 million share in Costner's venture was sold just three days after the BP deal was struck -- allegedly, though, without Baldwin's knowledge. Unfortunately for Baldwin's creditors, he lost the lawsuit.

Now he's on the other end of a lawsuit: Late last year, New York Daily News reported that the actor is being sued by publisher Hachette Book Group for a $110,000 advance on a book that was due to them in 2009, but never delivered. Its tentative title seems to fit: "Ready to Get Dangerous?" was part of a two-book deal he signed with the publisher in 2007.

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