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 Replies: 23 / Views: 2,318 |
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Valued Member
United States
367 Posts |
so if I'm at a little league game and I catch a $2.00 ball there gong to tax me? myself I think its crazy I say he caught it the government didnt help.
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Pillar of the Community
United States
7123 Posts |
The problem and mistake that this guy made was letting himself be known ,, pocket the stinking ball and go home ,stay away from the media,,and publicity,, let all that happen when you sell the ball .
sometimes being an unknown is the right way to be known !
whats really sad is if the ball sells for more than the estimate then the tax burfen will rise accordingly .
Metalman
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Pillar of the Community
United States
936 Posts |
What if the record is broker again? What if it is found he uses steroids and the record becomes invalid? The value of that ball would drop dramatically. I just do not get it.
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Forum Dad
 United States
24172 Posts |
quote:
The problem and mistake that this guy made was letting himself be known, pocket the stinking ball and go home ,stay away from the media,and publicity, let all that happen when you sell the ball.
Unfortunately he was immediately escorted out by armed guards, so this would be pretty much impossible. |
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Bedrock of the Community
United States
20753 Posts |
I have to agree that this guy is also looking for attention or he would have done as just mentioned. Go home, put it on a mantle and shut up. If it can be authenticated, then have that done and then go home and shut up. It is probably just another word of mouth garbage story about the IRS.
If the IRS really wants some money, they should consentrated on all the under the table money being passed around most politcal buildings. Most government officials. Most government rewarded contractors. Now there is where the Millions and millions could be taxed. But for a ball?
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Valued Member
 United States
287 Posts |
If this guy donates the ball to the Baseball Hall of Fame, will he still be taxed? or will he have to take it as a write off? |
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Valued Member
United States
259 Posts |
Seems like a reputable source to me: http://www.newsday.com/sports/baseb...703959.storySports memorabilia experts say it would sell for about half-million dollars, but IRS is being coy as to whether he will owe anything even if he doesn't sell. Shame that you catch a historic ball and have to go out and hire a tax lawyer. |
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Pillar of the Community
United States
2335 Posts |
Well, quite a spread of opinion on this one. We may never be able to decide here what it's worth, or when it should be taxed. Most of us probably think the Government should keep their hands off.
The real question is, who would want to keep the ball even if it wasn't taxed? If I was extremely wealthy, & baseball was my number one passion, I could justify keeping the ball. In my present situation, combined with not being a baseball fan, it would be for sale right now. To me, keeping it would be like stuffing a 1/2 million dollars into my mattress. I'd worry about it catching fire, or Bonds being exposed as a steroid user, or someone else breaking the record, or whatever.
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Pillar of the Community
United States
597 Posts |
Frankly I wouldn't want anything associated with Mr. Steroids 2007, and I would sell it, let the jokers at the IRS have their take so we can buy protection for the poor troops in Iraq, and then sock the rest in a bank account.
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Pillar of the Community
United States
1173 Posts |
Well, being at best a mediocre baseball fan and absolutely no fan of BBonds, I'd sell that baseball in a heartbeat before anything could happen that might lower its value. If I were a baseball fanatio, I might keep it, but right now the money sounds like a better deal!
Back to the tax issue. Would this be considered capital gains? I doubt it. I think this is "unearned income" similar to "found money." Now, if the buyer of the baseball were to sell it at a later date for a price higher than he paid, that would be capital gains and subject to the capital gains tax.
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Forum Dad
United States
24172 Posts |
This thread is not about Barry Bonds. << Friendly Nudge from Dad <<
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Pillar of the Community
United States
750 Posts |
Someone here stated that Marks ball if returned to Mark would not have been taxed? If thats the case then how can the IRS subject John Doe to a tax but not Mark?
ie.. If this ball were to be given back to... BB.. would he be liable for the tax or the person that caught it?
I think the IRS is really stretching it here, at least until the ball is sold. If I have a winning 200 Million dollar lottery ticket in my pocket. I wait a year to turn it in, when do the taxes start? The moment the numbers are drawn or when I turn the ticket in for my prize?
Points to ponder..
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Bedrock of the Community
United States
17884 Posts |
He caught a ball worth $10. It didn't become the home run ball until after Bonds circled the bases in a legal manner and was ruled safe. (What if he missed a base and was tagged out? then it would not be a home run ball.) So when he caught it it was worth $10. The increase in value came AFTER if was already in his possession. Just as if you bought a coin from the mint and in the aftermarket it jumps. If someone gives you a very valueable item you may have to pay taxes on it immediately, but for an item whose value increases AFTER it is already in your possession you normally only have to pay taxes when you realize the profit on the increase.
I would think this could be appealed on those grounds.
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Pillar of the Community
United States
1691 Posts |
If the IRS taxes the owner of the ball find and he sells it for less than they
based the tax on, can he write off the loss on his federal tax return?
Any accountants out there?
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Valued Member
United States
144 Posts |
I like your reasoning, Condor.
By the way, I do think this is vaguely on topic: the same type of tax questions apply to coins if you find one, inherit one, buy one for a fraction of the "market" rate, give one as a gift, etc.
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Replies: 23 / Views: 2,318 |
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Posted 08/23/2007 3:32 pm
