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Thread: Paying tax on the home run ball?
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08-22-2007, 02:34 PM #1
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Paying tax on the home run ball?
how can you be charged a tax, on a souviener? if you're not selling it, and it's not making you money, how can they tax you on it?
http://sports.yahoo.com/mlb/news?slu...yhoo&type=lgns
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08-22-2007, 03:17 PM #2
IRC section 61(a): except as otherwise provided in this subtitle, gross income means all income from whatever source derived ...
Since catching a baseball is not an exception in the subtitle (at least I don't think that is in there, but it is a long subtitle), it is income. Whether you find $500,000 at a baseball game or catch a ball worth $500,000 means you have income.
So to specifically answer you question, you can be taxed on the fmv of the baseball because the fmv of the baseball is income to the recipient.Last edited by gwballin; 08-22-2007 at 03:43 PM.
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08-22-2007, 03:36 PM #3
well i wouldnt report it...
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08-22-2007, 04:10 PM #4
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how would you figure that's what it's worth? so every one that catches a home run ball, has to pay taxes on it? that seems retarted to me.. i would just report that i lost it.
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08-22-2007, 04:17 PM #5
I just threw out the $500,000 amount, but an appraisal would need to be done to determine its fmv if it were not to be sold. Since it will be sold, the fmv will be whatever it sells for.
Suppose just for illustrative purposes, you get paid Friday, go to the bank, cash the check but it turns out you have a whole in your pocket and loose all the money. Do you think you don't have to report the income because you lost it?
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08-22-2007, 05:36 PM #6
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2002 Z28 A4 NBM- Sadly now demodded :(
The IRS has assumed GOD like powers lately....
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08-22-2007, 05:55 PM #7
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08-22-2007, 06:10 PM #8
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08-22-2007, 06:11 PM #9
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08-22-2007, 06:18 PM #10
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If I would of Caught the ball and decided to keep it, when IRS come over, ball? what ball? Ohhh that Ball....yeah sorry "I LOST IT."
When Its time to sell it. Ohhh great news...I found that ball.
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08-22-2007, 06:20 PM #11
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yeah. it def would have been "stolen"
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08-22-2007, 06:31 PM #12
Who the hell would rather have a small peice of rubber and leather than $650,000? Oh wow, hit was the ball that broke a record, even though the guy who hit it used steriods
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08-22-2007, 07:00 PM #13
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