14,000 dollar tax for free baseball tickets???WTF!?

Im sure youve all heard that NY yankee derek jeter recorded his 3000th hit this past week by home run.Now the man who caught the ball was generous enough to give the ball back to jeter,despite it bieng worth upwards of a quarter million the second he caught it,in return for his generosity,yankees rewarded the man with premium tickets for the remainder of the season(including playoffs).IRS is likely to consider the cost of the tickets as income,meaning uncle sam will be there ready to collect come tax time.I know it isnt official YET,but is it not ridiculous that the irs is considering taxing him for gifted baseball tickets? sports.yahoo.com...

Sorry mate, already posted and discussed.

www.abovetopsecret.com...

reply to post by VicDiaz89


I don't think they'll get away with taxing this, I know there's a lottery tax, that's winnings but a gift is a gift...I don't think there's legal precedent. Or will they start making our children pay taxes on gifts like PS3 that runs in the Price range of $300.(not to mention cars given as gifts to graduates). This is likely not going to go far especially if he gets a good tax lawyer.

Wow, is that ball really worth $250,000? Pretty shocking he gave the ball to Jeter... I would have sold it to him.

reply to post by VicDiaz89


I am confused how a zero dollar trade, with a zero dollar trade which is essentially bartering can now be taxed? Just because there is an estimated value of a product does not mean that product is actually worth that amount. When two parties exchange something it is supposed to be considered an even trade resulting in zero gain or loss.

reply to post by VicDiaz89


It's real sad if one of the yankees players won't vouch for this kid.

sucks though because he could have been debt free.

reply to post by ldyserenity


I wouldnt put it past the irs,nowadays if you lose your car because you're unable to make payments the irs will count what you owed on the car as income,and tax you for it,its ridiculous.

Nice to see the generosity of the man but I have to say that with his statement below, he is doing nothing for anyone and is actually adding to an even bigger problem in America by not even protesting an injustice by the Government.

I am glad he caught the ball, I am amazed at his generosity in giving the ball back but I am disgusted with his unwillingness to stand up and fight an injustice. Just take it and that's it.

Sorry Dude.

"Worse comes to worse, I'll have to pay the taxes," he told the Daily News on Monday. "I'm not going to return the seats. I have a lot of family and friends who will help me out if need be. "The IRS has a job to do, so I'm not going to hold it against them, but it would be cool if they helped me out a little on this."

reply to post by Adyta


I DEFINATELY wouldve sold it back to jeter! derek jeter and alex rodriguez alone make more in 1 year than the entire starting roster of a couple of teams do in 1 year,im sure a quarter million wouldnt be more than pocket change to him,but in the end id just end up getting taxed for that too!

Originally posted by VicDiaz89
reply to post by ldyserenity

 

I wouldnt put it past the irs,nowadays if you lose your car because you're unable to make payments the irs will count what you owed on the car as income,and tax you for it,its ridiculous.

edit on 12-7-2011 by VicDiaz89 because: (no reason given)

wow that's crazy.
No gift car to my daughter then I guess, cause she'd have to pay a tax on the old beat up 10 year old POS and how would they go figure the tax? Blue book value? I hope not because they are highly supicous and way overpriced, IMHO.

Originally posted by jude11
Nice to see the generosity of the man but I have to say that with his statement below, he is doing nothing for anyone and is actually adding to an even bigger problem in America by not even protesting an injustice by the Government.

I am glad he caught the ball, I am amazed at his generosity in giving the ball back but I am disgusted with his unwillingness to stand up and fight an injustice. Just take it and that's it.

Sorry Dude.

"Worse comes to worse, I'll have to pay the taxes," he told the Daily News on Monday. "I'm not going to return the seats. I have a lot of family and friends who will help me out if need be. "The IRS has a job to do, so I'm not going to hold it against them, but it would be cool if they helped me out a little on this."

I am replying to the quote by the man who caught the ball. This man deserves to have the IRS crawl up his A$$ and take every penny he has... If this man is able to say Oh gee my family and friends will help me pay my taxes for catching this really cool ball that is ONLY WORTH $8.00 USD. But has a perceived value of $250,000.00 or more. He is not doing us or he nation a favor by paying his so called fair share. He is hurting all of us by demonstrating how stupid many are in this country. As long as he can drink his beer, watch pro sports and reality TV and go rah rah when his team makes a goal, runs a touch down or steals a base he is happy.
His ignorance and apathy contributes to the Gov’t ability to pass laws which enable it to steal from the remainder of the hard working, educated and socially responsible citizens.

He is not only stupid he is a disgrace to all of us.

Sad

If the IRS is charging tax on the items given to the man, they have to also calculate the value of the item he gave up. Technically, he suffered a major loss (Value of ball > Value of tix/items). So by their thinking, the man probably shouldn't pay a cent of tax this year now.

If I were the Ball Club, I would hire the best tax firm in the country and have the IRS eat their words, and force them to recognize the loss, where the man exchanged a quarter million dollar ball for 100 grand of similar goods.

In turn, the Ball Club would receive priceless PR, and also send a message to the IRS to stay the hell away from their fans.

reply to post by ldyserenity


Gifts over 10k are taxable, but only limited to family (10k per anum) .. any "gift" recieved outside of direct relations is considered income.