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...

He is 22 and on his way from NYC to Australia. I doubt this guy is hurt for cash. Just saying...

He is 22 and on his way from NYC to Australia. I doubt this guy is hurt for cash. Just saying...

 

He tried to get the cabbie to forego the fare for a piece of the action if he got the homerun ball...I don't think he has a few hundred grand laying around...anyhow, experts will appraise the ball and that's what its taxable value will be, unless it is sold in an arms-length transaction first...

He is 22 and on his way from NYC to Australia. I doubt this guy is hurt for cash. Just saying...

 

He's 22 and he's got over $100k?

He tried to get the cabbie to forego the fare for a piece of the action if he got the homerun ball...I don't think he has a few hundred grand laying around...anyhow, experts will appraise the ball and that's what its taxable value will be, unless it is sold in an arms-length transaction first...

So he was clearly going to buy a "lottery ticket"?

 

I'd hate to be the guy that held on to the Big Mac ball and didn't sell high.

 

I just can't be sold on the IRS getting involved with catching a ball in the stands. Far too many ways to drive the debate either way...

He's 22 and he's got over $100k?

That's your appraised tax value? I thought you devalued this record???

So he was clearly going to buy a "lottery ticket"?

 

I'd hate to be the guy that held on to the Big Mac ball and didn't sell high.

 

I just can't be sold on the IRS getting involved with catching a ball in the stands. Far too many ways to drive the debate either way...

 

There will be taxes paid on the ball on the guy's 2007 tax return, if the ball is sold or not...fact...

That's your appraised tax value? I thought you devalued this record???

 

Not MY value - one that I read. I think the estimate was $500k to $600k for the ball and I think the tax rate was 35%. So the tax bill would be 6 figures.

There are NO taxes to be paid as long as he holds the ball. Once he sells it, the proceeds are taxed. If he holds it for a year, he can get a lower capital gain tax rate.

Not MY value - one that I read. I think the estimate was $500k to $600k for the ball and I think the tax rate was 35%. So the tax bill would be 6 figures.

 

It probably will be more than 35%. Taxes are outrageous in Cali and the state of Cali and the city of San Fran will almost certainly want a cut...

There are NO taxes to be paid as long as he holds the ball. Once he sells it, the proceeds are taxed. If he holds it for a year, he can get a lower capital gain tax rate.

 

This isn't correct. I know you are a CPA, but the IRS will collect taxes immediately...it's like winning a car on a gameshow, you are taxed immediately, not when you sell the car...

I have some baseballs from several games do I need to pay taxes on them.

 

I know several of you gave good examples of other things taxed but this is ridiculous when there is no set value for the baseball and it is a BASEBALL.

There are NO taxes to be paid as long as he holds the ball. Once he sells it, the proceeds are taxed. If he holds it for a year, he can get a lower capital gain tax rate.

 

HHSDad, your post, while logical, goes against what some so-called tax experts have espoused.

HHSDad, your post, while logical, goes against what some so-called tax experts have espoused.

Actually the experts are split on this. IRS refuses comment. If he's smart he gets a very, very good tax attorney to handle this fight.

Actually the experts are split on this. IRS refuses comment. If he's smart he gets a very, very good tax attorney to handle this fight.

 

I think a very good tax attorney can definitely lower the amount of tax he ultimately has to pay. Can a very good tax attorney get him out of paying any tax on a car he wins on a game show?

Can a very good tax attorney get him out of paying any tax on a car he wins on a game show?

 

 

No, because there is an actual value placed on that car.