Should you have to pay taxes on a Baseball?
I was horrified when I read that Matt Murphy, the person who caught Barry Bonds 756 home run ball will have to taxes on it. Why should you pay taxes on baseball that you received just by chance? Who determins the value? Sports Memoralbia can worth a lot to one person or just be sentimental to another.
Is this just another example of the goverment squeezing the middle class or big time lawyers threating the tax issue to try make Mr. Murphy sell the ball?
- 1 decade agoBest Answer
Actully I looked over the other answers and first off, if he keeps the ball and it gains value, he has to pay the irs on the gained value. However if it looses value overtime he can claim a loss.
What I think though, you pay 60 dollars for a ticket, much like that you have a equal chance as anyone in the home run area to catch a ball, say theres 20,000 of you, thats 1.2 mil more then the balls worth, and more then enough thats at a regular giants game. On that alone let the person who caught it reep the benefits of it fully. I find it wrong for the IRS to do it. Do they have the right to? Yes. But on the same time do it for every faul ball/home run that goes outside the park. Say if x player hits his first and wants the ball, gives the person a signed jersey, have the IRS take out for that jersey. If not let him have the ball. I think its sad.
- 4 years ago
I read the article and I'm still trying to figure out how the IRS would determine the value of the ball. The value is undetermined until the ball is sold. So how much taxes would he have to pay? I'd be talking to a tax attorney first. He's going to have to pay taxes on the money he gets from the sale too. My argument would be; the ball is worth whatever the ball cost retail. That is the value of the ball. I have lots of collectibles at home. I don't have to pay taxes on any of it. I fight it.
- Anonymous1 decade ago
Nobody knows if he has to pay taxes on the ball so calm down. That's just something some tax lawyer said to create publicity for himself. The IRS has said in the past that you don't have to pay taxes on something like that just by taking possession of it. Only when you sell it.
- 1 decade ago
I must agree. Its crazy to think that just because a guy caught a baseball at a professional game he would have to pay taxes on that ball. Our Govt is crazy, plain and simple. We might be the best country in the world but we are also the dumbest.
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- 1 decade ago
Only if you sell it. That's how the U.S. works. If you don't like it then leave. I don't like it but I know it could be a lot worse.
Now if they were to tax him on "estimated" value when he hasn't even made money off of it, that is were it gets pretty shady for the IRS. That's bush league more than A-Rod!
- JayLv 51 decade ago
Its like playin the lottery. When u win a large amount of money like that, of course the IRS is gonna step in and take some of it away from u. Damn bastards