why doesnt he keep it so it could be worth even more. is it a stupid move from his part selling the ball?
2007-09-14 10:39:29 · 16 answers · asked by g_ramirezjr 1 in Sports ➔ Baseball
Cuz he can't afford to keep it. He has to pay taxes on it.
2007-09-14 10:46:54 · answer #1 · answered by boss bee - YANKEES FOREVER!!!! 5 · 0⤊ 2⤋
He was interviewed on a local radio show recently and he said that it had to do with 2 things
1. False rumors that he would be taxed on the ball's value as if it was an inheritance. This would be a poor debate for the IRS to take on and he would have won. The taxation would take place upon the sale of the ball and the profit from it.
2. The good reason he stated, he couldn't afford the security measures it would take to keep the ball. He could have done a safety deposit box, but I think between the tax issue and the security he just wanted to dump it.
The reason I would most definitely sell it immediately is to strike while the iron is hot. First off, Bonds MAY get indicted for all of his indiscretions which would devalue his legacy, and thus the ball. Second, the record breaker isn't the truly valuable ball, it's his last one. Better to cash in on the fervor, while everyone is interested than to wait until he retires and the ball that represents the new record is on the market. I think it was a very smart move to sell it now.
2007-09-14 11:11:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
image it as triumphing the lottery. you're able to desire to pay taxes in case you win the lottery. that's a similar theory. This ball is presently envisioned at approximately 500 thousand funds. he will would desire to pay the IRS as much as 200 thousand whether HE would not sell THE BALL!! Catching this ball is the worst ingredient he would have finished! government officers are on the fan's facet and are interior the technique of scuffling with this tax bill. Oh yea, whether he "presents" it out, he nonetheless has to pay taxes on it!
2016-11-10 11:18:54 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Well, if Bonds gets convicted of steroid use, and there's a pretty good chance he will eventually, the ball will become worthless. So no, I don't think it's a stupid move, I think it's quite smart to get rid of it now.
2007-09-14 10:45:53 · answer #4 · answered by sargeantb2 3 · 2⤊ 0⤋
if something literally "fell into your lap" who's value went from about $ 10 when it left the pitcher's hand to ONE HALF MILLION dollars when it landed, would you not turn it into "Franklins"? I sure would, and with the market tricky because of the possible conviction for steroids and then the ball maybe becoming worthless, I sure would cash it in while I could.
2007-09-14 11:00:07 · answer #5 · answered by Mike 7 · 0⤊ 0⤋
Because he cant afford to keep it, taxes in other words are too expensive for the ball. So he decided to sell it.
2007-09-14 12:09:10 · answer #6 · answered by #1 New York Yankees Fan 6 · 0⤊ 1⤋
Because it is a Hot item. The longer he keeps it the less it becomes. It's all about supply and demand. There is more demand now for this item. the homerun hype is in full swing. No pun intented. Sell high buy low.
2007-09-14 11:10:46 · answer #7 · answered by Sergio 5 · 1⤊ 1⤋
Because the IRS is taxing him on the value of the ball, even if he doesn't sell it, and he can't afford the tax so he has to sell it in order to pay the dumb rules of IRS. The 1st post and 3rd poster don't know what there talking about.
2007-09-14 10:47:30 · answer #8 · answered by Anonymous · 1⤊ 2⤋
arabftw has no clue....I am an IRS agent and as long as he keeps the ball intact there is no tax applied. If he sells it, then the sale is considered earned income and he is taxed.
2007-09-14 12:03:29 · answer #9 · answered by Tommy 7 · 1⤊ 0⤋
Money? Yep, that's it.... The ball is just a collection of string, rubber, cork, and animal parts. Money can be turned into many other things like Plasma TVs and Big Macs!
2007-09-14 10:53:09 · answer #10 · answered by zensunni_wanderer42 2 · 2⤊ 1⤋
He was told that even if he does not sell it he wll have to pay taxes on it... Pretty
Communistic dont you think?
2007-09-17 13:20:22 · answer #11 · answered by Anonymous · 0⤊ 0⤋