Obviously a rhetorical question but ....

 

That's considered gambling. This is not. RP gave a very good example of how this already occurs in everyday life regarding value received in an inheritance. If I never sell Grandma's wedding ring, I still owe taxes if I inherit it.

 

The obvious counter argument is that it should be treated as a capital gain although the cap gain was not put into place for random acts such as this.

 

Not popular but there is precedent.

So it's more like an inheritance than a lottery? How so? Buying a ticket in the OF looks like buying a lottery ticket to me...

Just a thought to add to this. With every homer that Barry hits, does the value of the ball decrease?

 

That's a fair question. If I'm the kid, I'm unloading it as fast as I can.

So it's more like an inheritance than a lottery? How so? Buying a ticket in the OF looks like buying a lottery ticket to me...

 

I'll assume your last line is in jest.

Just a thought to add to this. With every homer that Barry hits, does the value of the ball decrease?

 

There's only one HR ball that was hit to break the long-standing record.

I'll assume your last line is in jest.

Sort of. If you buy a ticket on the day of the game in the section he is most likely to break the record aren't you spending in the hopes of "winning" the ball? Looking at this as a topic tomorrow and just trying to expand my thought process. What is the legal process that says I'm wrong? Just curious...

Total bull crap this is another way of taking something for nothing from the working man.

How do you think schools and roads exist?

Can they tax you for holding the winning ticket but not cashing it in???

 

 

I'd say likely not since usually they don't even know who the winners are unless they come forward.

 

 

As far as tax purposes, I think they should probably treat them like stock options. If he doesn't excerise the option (sell the ball) than there is no tax.

One slight difference: I get cash when I win the lottery. Its not subjective. Catching the ball in and of itself puts no cash in my pocket.

 

Winning a car on a game show puts no cash in your pocket either, but you still are taxed on it...

They taxed Roy Rogers' stuffed horse, Trigger, for Trigger's museum value. They can sure as heck tax this.

Total bull crap this is another way of taking something for nothing from the working man.

A working 22 year old man who had the money to afford the tickets to the game while he was heading through San Fran on his was to Australia ?

 

Make the kid pay the taxes after he sells the ball.

So it's more like an inheritance than a lottery? How so? Buying a ticket in the OF looks like buying a lottery ticket to me...

You're initials are not IRS...but in that a lottery ticket even with the winning numbers poses NO VALUE until turned in....the ball poses value immediately, it has already been validated, etc.

You're initials are not IRS...but in that a lottery ticket even with the winning numbers poses NO VALUE until turned in....the ball poses value immediately, it has already been validated, etc.

But it poses a wildly inconsistent value. I just don't see a fair method for taxing it until it is sold. How am I wrong???

^ If you own a certain car, with a certain mileage year, etc....it poses an assesed value....you can appeal it's value, so could Mr. Murphy.

^ If you own a certain car, with a certain mileage year, etc....it poses an assesed value....you can appeal it's value, so could Mr. Murphy.

Is there a blue book on a home run ball? My point is the value can go from $5 to $5,000,000 on an item like this over the years and depending on the buyer and how much it means to them. I see this as far different from the car market...

Is there a blue book on a home run ball? My point is the value can go from $5 to $5,000,000 on an item like this over the years and depending on the buyer and how much it means to them. I see this as far different from the car market...

 

Anything can be appraised by professionals/experts...having said that, there will be some negotiations/give and take in the taxes paid...the guy probably can't afford the taxes and will have to sell the ball, so that (selling price) will probably ultimately determine its value...