Just read a story about the guy who caught the Bonds Home run ball and is selling it cause he was going to be taxed for having it. In my mind, there is no place for government to try to squeeze a few bucks from this guy for having a baseball. is this wrong or is it me?
2007-08-22 08:57:50 · 5 answers · asked by greg_lang2006 1 in Sports ➔ Baseball
i wonder that myself
2007-08-22 09:01:50 · answer #1 · answered by paulcondo 7 · 0⤊ 0⤋
Its not just a baseball--its a piece of history.
And this piece of history just happens to be worth over $500K.
Its like comparing a normal piece of paper to the piece of paper on which the original Declaration of Independence was written.
The government has every right to tax you on wealth that you accumulate. Technically, if you find a $5 bill on the ground, that is taxable income--you just don't report. Unfortunatley for this guy, he caught a baseball on national TV.
If you don't like our tax system, write your congressperson.
2007-08-22 16:09:31 · answer #2 · answered by dlatona7 3 · 0⤊ 0⤋
the baseball is like any other asset. it is the same as owning a car or a house. since the ball is valued at over 500,000, he is responsible for paying a tax on the ball.
2007-08-22 16:02:43 · answer #3 · answered by bsballfreak 3 · 0⤊ 0⤋
Its completely unfair. It should be based on the retail value of the ball not any potential it would fetch if he sold it. The US tax laws are totally screwed.
2007-08-22 16:03:31 · answer #4 · answered by kwilfort 7 · 0⤊ 1⤋
i'm sure theres a way he could bend the tax laws.
2007-08-22 16:55:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋