8/22/07 Yahoo article says that fan (Matt Murphy) will have to pay taxes on potentially valuable baseball.
The 21-year-old New York man said Tuesday he had no choice but to sell the ball — several people told him he would be taxed on the souvenir just for holding on to it.
"It wasn't hard. It was simple math. I'm upset by the decision I had to make," Murphy said. "I wanted to keep it. I'm young. I don't have the bank account. ... It would have cost me a lot more to keep it."
I think this was bad advice. Doesn't it make more sense that he'd pay taxes only WHEN he sells it, otherwise who and what determines taxable value?
If he inherits stock from a relative, he doesn't have to pay taxes on it until he sells it.
Am I looking at this the wrong way?
2007-08-22
10:15:55
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4 answers
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asked by
dave78m
1
in
Business & Finance
➔ Taxes
➔ United States