Wednesday, August 22, 2007

Unfair, and JUST NOT RIGHT

It was announced today that the man who caught Bonds' 756th home run will auction off the ball, citing tax concerns.

This makes me seething angry. It's injustice. It makes no sense whatsoever. Just because the guy caught the ball, the IRS has decided that it will come after him for taxes on the ball.

WHAT?? The ball, estimated to go for about 500,000, could cost the student thousands of dollars in taxes just for holding onto the ball.

Sooo...if he went onto the street and decided to GIVE the ball to someone....they would all of a sudden owe thousands of dollars?? i just don't get it. It all seems wrong and backwards to me. I mean i can see him owing on taxes if he sold the ball, because he is making money off of it. But for just putting it on his mantle?? Its plain ignorance!!!!

Please someone explain this to me so it makes more sense, though I can't see that happening. I'm expecting it to only make me angrier.


kentbrantly said...

it's like he won the lottery. except he can hold on to the winning ticket as long as he wants... but for all intents and purposes the ball is as good as the money. it's like if your parents die and leave you a really valuable family heirloom. i think you get taxed for that, too.
don't get me wrong, i think it is as ridiculous as you do. but i think that is the explanation. then again, i don't know anything about money or taxes, so that may all be wrong.

Lauren said...

It's funny that you are posting on tax injustice today because I encountered something similar to that today.
I bought a new car and got a really good deal on it. When I went to the courthouse today to pay the taxes on it, I found out that I was not going to be taxed what I thought I was going to be taxed because Texas no longer taxes what the car was bought for, but for what the car is worth (when bought from a private seller). I was in tears because I had to pay over 100 dollars more than I was expecting!
Completely ridiculous.

BSC said...

Just as we were all getting hot and bothered in our Bonds hatred, the IRS steps in to remind us who the even bigger villains are.

Brown Sugar said...

screw taxes....i'm done with those pesky things

The Future said...

I think it should be like a 401(k) contribution. Tax-free until you take it out (sell the ball). Because, unlike what Kent said, the lottery is different, as you can't just sit on a ticket for 50 years and put it on the mantle. You have to cash in the winning ticket.

If you hold on to the ball, like an esteemed baseball lover such as the Juice would do, there is no cash value until you sell it. Granted I wouldn't want to pay insurance on it (and you'd be crazy not to get insurance on it!), so it might not be worth the risk of having it in house.

Hope that makes you feel better, jj.