Celebrities talk taxes

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Lorraine Bracco
George Carlin
David Crosby
Eddie Money
Jodi Picoult
John Saul
Steve Schirripa
Celebrity Q&A

Eddie Money

Musician (“Two Tickets to Paradise”)

Fame & Fortune Q&A:
Bankrate: So by this point, did you have a solid investment strategy, or were you just letting other people handle the money?
Eddie Money: I owned a couple of windmills, and I’m pretty good at owning my house. But there were back taxes and all kinds of B.S. It came and it went, I have no idea. I always had a really good CPA that I trusted. I don’t think anybody really ripped me off.
Bankrate: Windmills?
Eddie Money: Yeah, at one time. They were in the Altamont Pass area of California. I went to look at them, there were 9,000 windmills. I didn’t know which ones were mine. I wondered, “What kind of investment is this?”
Bankrate: Were they profitable for you?
Eddie Money: Yeah. It was a big tax write-off. You’re making a lot of money; you’re looking for shelters. When you’re in that upper tax bracket, they’re taking 51 percent of your money.

Lesson learned: 
Look for investments that provide tax deductions.
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