POLL: Give it back or sell it, jeter ball

[uniquebaseballcards]

Why should the government get 1 single dollar. I dont understand it.

The IRS should make sure everyone working on Capitol Hill is up to ***** on their taxes before going after some guy who caught a baseball and got some stuff in return for it. Surely there is more money to be found there.

LOL, yes. As everyone knows the tax code needs to be updated, they also need to update cases like this Jeter ball.

 

[elmalo]

Why should the government get 1 single dollar. I dont understand it.

He received a benefit that had financial value. I had a buddy that won a car on Price is Right and he had to come up with 5 or 6 thousand to cover taxes,registration fees, etc. He also had to claim the car on his tax return.

I understand the law, I just dont understand why the government should get money for that.

 

[predatorkj]

Already hinted at, but:

http://www.nbcnewyork.com/news/local/Fa ... 06723.html

Even as an accounting major I didn't consider these implications when I first head the story. He should have kept the ball, given the tax consequences. I would be kindly inquiring of the Yankees organization to help with my new tax problem.

He can't. Then they'd hit him with taxes on the estimated value of the ball. It was a lose lose. His(and many normal people's) only option was to sell. I thought we discussed this when the guy who got Bond's homerun ball was looking at major tax money he had to pay just for wanting to keep it. He had to sell it. No choice.

 

[predatorkj]

Why should the government get 1 single dollar. I dont understand it.

He received a benefit that had financial value. I had a buddy that won a car on Price is Right and he had to come up with 5 or 6 thousand to cover taxes,registration fees, etc. He also had to claim the car on his tax return.

I understand the law, I just dont understand why the government should get money for that.

I knew they'd pull this crap. Which is why everyone posting they'd keep it or give it back for stuff was just pissing in the wind. Any time they can, they'll get their hands on money. Kinda funny how Americans overthrew Great Britan 200+ years ago for their tyrannical rule and the unfair taxes they imposed. Now we do it to ourselves.

 

[elmalo]

Why should the government get 1 single dollar. I dont understand it.

He received a benefit that had financial value. I had a buddy that won a car on Price is Right and he had to come up with 5 or 6 thousand to cover taxes,registration fees, etc. He also had to claim the car on his tax return.

I understand the law, I just dont understand why the government should get money for that.

I knew they'd pull this crap. Which is why everyone posting they'd keep it or give it back for stuff was just pissing in the wind. Any time they can, they'll get their hands on money. Kinda funny how Americans overthrew Great Britan 200+ years ago for their tyrannical rule and the unfair taxes they imposed. Now we do it to ourselves.

It is just rediculous that they have to have their hands on everything.

 

[rsmath]

He can't. Then they'd hit him with taxes on the estimated value of the ball. It was a lose lose.

I don't think taxes on $12 (or whatever) would be too hard on him if he kept it.

I don't see how the IRS can put a value of other than $12 on the ball because there is no second item out there like it to use for valuation purposes and if it was kept, it would not be put up for auction so you can't use auction results of that particular ball to establish a value to base a tax on. Sure, you can speculate - quarter mill, milion, etc. but until there is a transaction with that exact Jeter 3000 hit ball, I don't get why the IRS might tax one based on speculated value.

I still don't even understand how catching a ball at a game -- i.e. non-high profile foul ball catches -- causes you to have to report and pay tax on the ball if you elect to keep it and not sell it or trade it I can see how trading the ball for seats and memorabilia would be more equivalent to "winnings" that are taxable (the line about lottery, contest, prizes, other winnings, etc. on the 1040 form).

 

[RL24]

He can't. Then they'd hit him with taxes on the estimated value of the ball. It was a lose lose.

I don't think taxes on $12 (or whatever) would be too hard on him if he kept it.

I don't see how the IRS can put a value of other than $12 on the ball because there is no second item out there like it to use for valuation purposes and if it was kept, it would not be put up for auction so you can't use auction results of that particular ball to establish a value to base a tax on. Sure, you can speculate - quarter mill, milion, etc. but until there is a transaction with that exact Jeter 3000 hit ball, I don't get why the IRS might tax one based on speculated value.

I still don't even understand how catching a ball at a game -- i.e. non-high profile foul ball catches -- causes you to have to report and pay tax on the ball if you elect to keep it and not sell it or trade it I can see how trading the ball for seats and memorabilia would be more equivalent to "winnings" that are taxable (the line about lottery, contest, prizes, other winnings, etc. on the 1040 form).

I don't understand it either, but... the guy that caught the Bonds ball was going to keep it. The IRS told him it was worth $600,000. He won a $600,000 prize, in order to keep it he had to pay the IRS $210,000 (35%). It does kind of make a little sense. It's fully google-able. Check it out.

And you're smart, you know the ball isn't worth $12. That's like saying Gretzky's Wagner is worth a couple pennies. We're not really looking at the cost of materials to determine the value of these items.

 

[uniquebaseballcards]

He can't. Then they'd hit him with taxes on the estimated value of the ball. It was a lose lose.

I suppose he could have done a couple different things if he wanted to keep the ball and not paid taxes on it. He could have left the stadium before someone IDed him, or if he was IDed he could've claimed the ball was lost/stolen/thrown away/given away for free/bought a bunch of other baseballs to confuse the issue, etc.

 

[elmalo]

He can't. Then they'd hit him with taxes on the estimated value of the ball. It was a lose lose.

I don't think taxes on $12 (or whatever) would be too hard on him if he kept it.

I don't see how the IRS can put a value of other than $12 on the ball because there is no second item out there like it to use for valuation purposes and if it was kept, it would not be put up for auction so you can't use auction results of that particular ball to establish a value to base a tax on. Sure, you can speculate - quarter mill, milion, etc. but until there is a transaction with that exact Jeter 3000 hit ball, I don't get why the IRS might tax one based on speculated value.

I still don't even understand how catching a ball at a game -- i.e. non-high profile foul ball catches -- causes you to have to report and pay tax on the ball if you elect to keep it and not sell it or trade it I can see how trading the ball for seats and memorabilia would be more equivalent to "winnings" that are taxable (the line about lottery, contest, prizes, other winnings, etc. on the 1040 form).

I don't understand it either, but... the guy that caught the Bonds ball was going to keep it. The IRS told him it was worth $600,000. He won a $600,000 prize, in order to keep it he had to pay the IRS $210,000 (35%). It does kind of make a little sense. It's fully google-able. Check it out.

And you're smart, you know the ball isn't worth $12. That's like saying Gretzky's Wagner is worth a couple pennies. We're not really looking at the cost of materials to determine the value of these items.

That is absolutely rediculous.

 

[HPC]

The ball is not worth $12, that arguement is riduclous. That was the production cost/original price of the ball.

That's like trying to say a Hemi Cuda is only worth $3,100. No, that was just the production cost/original price.

 

[seitas]

So now this guy is getting over 50k, a baseball card in an upcoming 2011 topps set and he gets to choose the picture they will use for Jeter's 2012 Topps card.

 

[rsmath]

The ball is not worth $12, that arguement is riduclous. That was the production cost/original price of the ball.

That's like trying to say a Hemi Cuda is only worth $3,100. No, that was just the production cost/original price.

the difference the way I see it -- and apparently not the feelings of the IRS - are
speculated vs real value.

The $12 is the only known price we have for the Jeter 3000 hit ball. It hasn't been auctioned and it hasn't been sold in a private-party transaction to establish a true value for the ball. I don't get why the IRS can tax you based on speculated value of something rather than a true, recorded realworld value for the ball.

I don't know what a Hemi Cuda is -- assuming it's a car and it's new or third-party selling price is $30,000, then you have an established non-speculative value for the Hemi Cuda. It's not the $3100 to build it, it's the $30,000 that it sells for as proven by auctions, private party sales, auto dealer sales, etc.

 

[HPC]

The ball is not worth $12, that arguement is riduclous. That was the production cost/original price of the ball.

That's like trying to say a Hemi Cuda is only worth $3,100. No, that was just the production cost/original price.

the difference the way I see it -- and apparently not the feelings of the IRS - are
speculated vs real value.

The $12 is the only known price we have for the Jeter 3000 hit ball. It hasn't been auctioned and it hasn't been sold in a private-party transaction to establish a true value for the ball. I don't get why the IRS can tax you based on speculated value of something rather than a true, recorded realworld value for the ball.

I don't know what a Hemi Cuda is -- assuming it's a car and it's new or third-party selling price is $30,000, then you have an established non-speculative value for the Hemi Cuda. It's not the $3100 to build it, it's the $30,000 that it sells for as proven by auctions, private party sales, auto dealer sales, etc.

I see your point. However, we actually do have a value for the ball now. Only $50,000 since that is what the Yankee's gift value was. Obviously, speculative value is alot higher as we know it will go for more than 5x that amount.

A Hemi Cuda is a 1970 Plymouth Hemi Barracuda. Sells on average between $150,000-$300,000 depending on condition.

 

[Zambrano38]

Does Jeter have to pay taxes on the ball then?

 

[AmishDave]

As much flack as I'd get, I'd sell it. Like others have said, this is like hitting the lottery. Use the money to buy a house or plop a chunk for the kids college fund (or both).

 

[seitas]

Does Jeter have to pay taxes on the ball then?

Yeah...and companies are giving him money to help offset the cost. It will truly be a cluster F when the IRS starts taxing the money he is receiving from the companies to help pay his tax burden. He should have just sold it and got it over with.

 

[seitas]

The more I think about this the more I hope the kid just said he gave Jeter the ball and actually walked out of the yankees clubhouse with a duffel bag full of cash and a few autographed bats.

 

[MetDude]

pretty simple, 3 choices.
reasons for your choice if you"d like.

Simple - give it back

Go ahead try to sell it on ebay
how does anyone know its real deal ?

Give it back - get really taken care of as clearly was done.

Keeping it seems cool youve got a piece of history right ?
but youre back to how do you prove its the real deal?

 

[HPC]

pretty simple, 3 choices.
reasons for your choice if you"d like.

Give it back - get really taken care of as clearly was done.

How is getting $50,000 in taxable tickets instead of the $250,000+ the ball is worth "getting taken care of?"

People are acting as if the Yankees gave this guy a million dollars cash on the spot and paid off his student loands. They ripped him off and cost him now $14,000 in taxes.

 

[JoshHamilton]

Does Jeter have to pay taxes on the ball then?

No.