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Reply #52: It is similar to finding a bag of money - or stealing a bag of money. It is taxable income. [View All]

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yellowcanine Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-13-11 07:58 AM
Response to Reply #49
52. It is similar to finding a bag of money - or stealing a bag of money. It is taxable income.
Income is income, regardless of the source. The only break one gets is if it is not wages, one doesn't have to pay SS & Medicare tax on it.
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  -Fan Who Caught Jeter's 3,000th Hit May Owe IRS Thousands Springer9  Jul-12-11 10:50 AM   #0 
  - Get Michele Bachmann (former tax collector) on his ass. nt  onehandle   Jul-12-11 10:53 AM   #1 
  - Lesson learned I guess. Keep the ball.  tridim   Jul-12-11 10:55 AM   #2 
  - Of course it would be legal.  Tesha   Jul-12-11 11:22 AM   #9 
  - "Jester"!  KamaAina   Jul-12-11 11:36 AM   #15 
  - That was the iPhone "fixing things" for me but, you know, it probably got it right! ;-) (NT)  Tesha   Jul-12-11 03:17 PM   #31 
  - the taxes are only $5,000 - $7,500 depending on what bracket  hfojvt   Jul-12-11 12:39 PM   #23 
  - Keeping the ball wouldn't change anything.  Angleae   Jul-12-11 11:46 PM   #45 
     - No they couldn't. It is not income and it was not a gift.  former9thward   Jul-12-11 11:58 PM   #47 
        - But it can be considered a gift.  Angleae   Jul-13-11 04:23 AM   #49 
           - It is similar to finding a bag of money - or stealing a bag of money. It is taxable income.  yellowcanine   Jul-13-11 07:58 AM   #52 
           - The gift tax is paid by the donor.  former9thward   Jul-13-11 08:58 AM   #56 
  - More and more, I am of the belief that it would be best to just incorporate myself. nt  Javaman   Jul-12-11 10:57 AM   #3 
  - Dude has box seats to ballgames and is going to get taxed for more than they're worth?  Systematic Chaos   Jul-12-11 11:01 AM   #4 
  - Taxed for their worth  joeglow3   Jul-12-11 11:57 AM   #17 
     - sel-delete. nt  awoke_in_2003   Jul-12-11 12:14 PM   #19 
     - Deleted message  Name removed   Jul-13-11 06:32 AM   #51 
  - anyone who objects to this  trud   Jul-12-11 11:02 AM   #5 
  - The Verizon salesman will pay more taxes than Verizon Inc.  Fuddnik   Jul-12-11 11:04 AM   #6 
  - Seeing that he never decided to keep it, kind of hard to say it was his.  Kurmudgeon   Jul-12-11 11:10 AM   #7 
  - He isn't being asked to pay taxes on the ball.  Tesha   Jul-12-11 11:20 AM   #8 
     - Why are you trying to ruin a perfectly good rant with facts?  VeryConfused   Jul-12-11 11:30 AM   #10 
     - It never fails........  DainBramaged   Jul-12-11 11:32 AM   #11 
     - Why shouldn't he avoid taxes like the rich, heh heh heh?  DainBramaged   Jul-12-11 11:33 AM   #12 
     - THey aren't winnings. He didn't win a prize.  Pithlet   Jul-12-11 04:00 PM   #34 
  - bullshit story  Enrique   Jul-12-11 11:35 AM   #13 
  - Were those prizes advertised as "prizes"? Did the team announce that whoever caught the 3,000th HR  Brickbat   Jul-12-11 11:35 AM   #14 
  - He is being taxed on his gain  joeglow3   Jul-12-11 11:58 AM   #18 
  - He doesn't owe the IRS any taxes until he actually sells them!  Better Believe It   Jul-12-11 12:45 PM   #25 
     - Sure he did  joeglow3   Jul-12-11 12:51 PM   #26 
        - He gave the ball back for nothing.  killbotfactory   Jul-14-11 10:32 PM   #61 
  - Sort of what I was thinking.  Chiyo-chichi   Jul-12-11 12:23 PM   #20 
     - Step-transactions were codified in the health care bill  joeglow3   Jul-12-11 12:28 PM   #21 
     - Gifts are taxable, in this case as income tax  happyslug   Jul-12-11 10:51 PM   #42 
  - All that for seats the Yankees couldn't sell anyways.  kick-ass-bob   Jul-12-11 11:38 AM   #16 
  - I thought when the guy caught the Bonds home run  Johonny   Jul-12-11 12:28 PM   #22 
  - But once the guy that caught the Bond ball sold or exchanged it  tammywammy   Jul-12-11 01:00 PM   #28 
     - I thought what happen  Johonny   Jul-12-11 05:02 PM   #35 
        - You could be right about the ball going back to Bonds  tammywammy   Jul-12-11 05:10 PM   #38 
  - We won't know the true value of these items until they are actually sold.  Better Believe It   Jul-12-11 12:43 PM   #24 
  - HAHAHA!  joeglow3   Jul-12-11 12:54 PM   #27 
  - Didn't this story turn out to be fake?  Dash87   Jul-12-11 02:05 PM   #29 
  - This is a piece of Sarcasm, reading it that quickly become clear  happyslug   Jul-12-11 10:59 PM   #44 
  - Accept  masonjason22   Jul-12-11 02:08 PM   #30 
  - Didn't this "tax" thing start as an internet joke?  Renew Deal   Jul-12-11 03:18 PM   #32 
  - do not care--guy is a yankee fan  dembotoz   Jul-12-11 03:45 PM   #33 
  - LOL!!!!!!!!!!!!!!!!  Marrah_G   Jul-13-11 09:18 AM   #58 
  - Even IF he paid 25% tax on it, he could sell a few of them & make the $8K  SoCalDem   Jul-12-11 05:08 PM   #36 
  - All of us "may owe the IRS thousands" - that's meaningless  KurtNYC   Jul-12-11 05:09 PM   #37 
  - This is not right!  Little Star   Jul-12-11 05:51 PM   #39 
  - nothings for free  spanone   Jul-12-11 05:52 PM   #40 
  - Tax the rich already!!!  Initech   Jul-12-11 06:04 PM   #41 
  - ya donate it to a charity and take the deduction....  Motown_Johnny   Jul-12-11 10:52 PM   #43 
  - This Red Sox Nation member says, even if that's the case  flvegan   Jul-12-11 11:48 PM   #46 
  - K&R  Cereal Kyller   Jul-12-11 11:59 PM   #48 
  - I just spoke to my tax professional... it was an exchange and the guy has to pay taxes on the value  OmmmSweetOmmm   Jul-13-11 05:11 AM   #50 
  - I would have sold Jeter the ball and used the money to buy a house to live in  krispos42   Jul-13-11 08:27 AM   #53 
  - nevermind  rucky   Jul-13-11 08:29 AM   #54 
  - My accountant says  SnakeEyes   Jul-13-11 08:46 AM   #55 
  - Hey it's Ron Paul...  tjwash   Jul-13-11 09:05 AM   #57 
  - If it were true, the Yankees accountants could easily set it up  Blue_Tires   Jul-13-11 10:11 AM   #59 
  - So, whenever I give somebody with no money an object that has value, he's screwed?  Commie Pinko Dirtbag   Jul-14-11 10:25 PM   #60 
  - Very sensational story  Islandlife   Jul-14-11 10:56 PM   #62 
  - The taxes are being paid by companies. Modells being one of them.  Fearless   Jul-14-11 11:06 PM   #63 
  - Great News for Jeter Fan!  girl_interrupted   Jul-15-11 12:25 AM   #64 

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