Recent Comments
    • Candy on Budget Crisis, Red Tape and teenage crushes...
      “@Shawn - Money can apparently buy a LOT of happiness - and it seems to come in the form of pills and smoke-able items. *sigh* (yeah, sure you didn'”
    • Shawn Powers on Budget Crisis, Red Tape and teenage crushes...
      “It always amazes me the number of overdoses and suicides in the celebrity death pool. I mean, I know, "Money can't buy happiness" -- but you'd think ”
    • Candy on Phooey on social media privacy
      “Justin - ah, so you keep separate accounts - how much bleeds over though? Do you think people pay attention to DuckDuckBlue? Or just to JustinRyan? Do”
    • Justin on Phooey on social media privacy
      “I doubt I have to tell you, but I'm in the "let it all hang out" camp. (Despite vicious rumors of being obsessively private.) My feeling is, I am wh”
    • Candy on Phooey on social media privacy
      “I guess my point is... if an employer is going to delve that deeply into someone's stuff as to look back through their wife's silly twitter account, d”

PostHeaderIcon Lucky Catch?

Maybe not.

The 21-year-old college student who caught Barry Bonds record-breaking home run ball may be in for a world of trouble with the IRS.

Tax lawyers fall squarely around the issue, some going with the common sense approach that, although the ball is estimated to be worth over $500,000 at auction, the ball is not income until it is sold.

Others claim the ball is taxable immediately, the same way treasure found diving in U.S. coastal waters is.

Still others claim that it is both immediately taxable (for approximately $210,000 in taxes based on estimated worth of $600,000) and subject to long-term capital gain taxes if the young fan waits more than a year to sell his prize.

Then there’s the question of how to determine the initial investment value of a ball the man caught for free…

For more on this silly (yet scary, and the IRS is refusing to comment thus far) tax question, check out the articles below:

WSJ Law Blog: Barry Bonds’ Ball

WSJ Journal Online: The Big Catch Could Have a Big Catch Mets fan could face big tax bill for snagging Bonds’ ball

KITV Honolulu: Fan Might Not Sell Bonds’ Historic Ball

Share your thoughts.

CommentLuv badge