Actor Robe Lowe will get an estimated half million dollar tax savings after winning an appeal over the sale of his home in Santa Barbara County.
Lowe and his wife, Sheryl Berkoff, had sought to reduce their taxable capital gains on the $25 million dollar sale of their Montecito home. They asked for relief for $4.2 million dollars in home improvement costs, but said their business manager had lost key documents to back the claim. On a 3-2 vote, the State Board of Equalization approved the tax relief, citing a rule which allows the board to make a reasonable estimate in circumstances where documentation is missing.
Board Member Jerome Horton was one of the two opponents. Horton issued a press release saying that while he likes Rob Lowe’s movies, he doesn’t like them enough to gift the actor $514,000 in taxpayer dollars.