Legal Newswire Blog

Nicolas Cage Owes IRS $6M

The IRS has filed liens against Nicolas Cage for more than $6 million in back taxes and he is now forced to sell off major assets and investments to try and pay off his back tax liabilities.

Cage has filed a lawsuit in L.A. County Superior Court against his former business manager, Samuel Levin. The lawsuit claims that over a period of seven years, “Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses.”  View lawsuit docs.

Cage also claims Levin failed to pay taxes when they were due. Cage claims it was only this year, after firing Levin, he learned “the gravity of his financial condition.”

Lawyer, Marty Singer, claims in the lawsuit that Levin never advised him of his financial situation and is guilty of “over-extending [Cage's] line of credit with banks and financial institutions.” The suit claims Levin concealed Cage’s “true financial condition prior to investments and assets being acquired by [Cage].”

Forbes reports that Cage earned $40 milion between June 2008 and June 2009.

Cage is asking for a minimum of $20 million.

TMZ contributed to this story.