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 Replies: 23 / Views: 2,316 |
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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: 2,316 |
First Page
Posted 08/23/2007 5:18 pm
