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You caught the ball, now what?

greg334

greg334

Veteran Expediter
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You caught the ball that Bonds hit

You now owe $200,000 to the IRS for an alleged value of the ball.

You have the chance to sell it but Bonds representatives have indicated that he wants the ball back and offer you tickets for next season.

You want Barry Bonds to autograph the ball but he refuses to sign it or even call you to congratulate you for catching it.
 
greg334

greg334

Veteran Expediter
Steve,
He has to pay taxes on it because of the 'value' of it when he received it, just like income - it is not a capital gain.
 
C

Crazynuff

Veteran Expediter
I guess it would be considered like winnings in game shows but what about deductible expenses like tickets to the game , beer and hot dogs purchased at the game , etc ?
 
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Broompilot

Veteran Expediter
You should only be liable for tax at the point of Sale. Just cause I find an antique toy for $50.00 and discover its worth XYZ my tax is only due at the point of sale.

You can even borrow against the value of the toy or ball, but only until you sell it is it taxable.


I would lock that ball up, Squirm Bonds.
 
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