http://sports.yahoo.com/mlb/news?slug=ap-bondsball082207&prov=yhoo&type=lgns
Bond's 756th homerun ball.......The guy that caught has been told by a couple of people that he would be taxed just for holding onto it.
How is this legal? Shouldn't he be taxed when he sold the ball, as income tax I suppose, rather than being taxed just for holding on to it?
2007-08-22 07:47:13 · 5 answers · asked by Humanist 4 in Business & Finance ➔ Taxes ➔ United States
True enough.
But it makes you wonder what else the IRS might be able to do that with.
"Oh, little johnny just got a bike.....that's taxable" Extreme ofcourse, but if it was Little Mikey's bike, then they might tax it.
2007-08-22 07:56:51 · update #1
I see.
I didn't really know who was doing the saying "they are going to tax that".
But if this is true, then is this guy being mislead into selling what he wants to keep? Obviously, we all would like the extra money that ball is going to bring in for him.
2007-08-22 08:01:58 · update #2
The guy has said he will put the ball up for auction as he won't be able to afford the taxes that he'll be hit with from the IRS. It may not be right, but if the IRS taxes him on it, and assigns a value to it, it'll be up to him to fight it out with the IRS in tax court. I agree with you and a lot of other people that he should only be taxed if/when he sells the ball, but you and I and a lot of other people aren't the IRS.
2007-08-22 07:54:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you read the artixcles, you will see that that wasn't said by the IRS, just by some tax lawyer - and everybody knows that lawyers are always correct, and never say anything just to get publicity.
In a similar instance a few years back, the IRS commissioner came out and said basically that this was a crazy idea. The IRS hasn't made any official comment on this particular instance. Normally they only comment if someone asks for a ruling - in the earlier incident, the flak got so loud that the Commissioner apparently felt obliged to speak up.
2007-08-22 14:58:06 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
What a country, huh? I don't understand either. Something is only as valuable as what someone is willing to pay for it. I mean, what if he sells it for less than what the IRS valued it at? Can he claim a loss? Ha! Fat chance, I'm sure.
2007-08-22 14:57:35 · answer #3 · answered by my brain hurts 5 · 0⤊ 0⤋
Well,..... that the society we live in. It's definitely not a surprise. But I do agree with you if he did get rid of the ball, he shouldn't be held accountable. But, I guess that's why we are taxed on casino winnings as well. It was a gift also!
Hmmm
2007-08-22 15:02:24 · answer #4 · answered by Pamela K 1 · 0⤊ 0⤋
Not true. Pure myth. He won't be taxed until he sells it. Until then, what's it worth?
2007-08-22 14:55:50 · answer #5 · answered by Plea_of_insanity 5 · 0⤊ 0⤋