Members BigPigPeaches Posted August 22, 2007 Members Share Posted August 22, 2007 http://sports.yahoo.com/mlb/news?slug=ap-bondsball082207&prov=yhoo&type=lgns Apparently the owner of Bonds's home-run ball would have been taxed if he decided to keep it? Somebody familiar with tax laws explain this to me. I am intrigued. Link to comment Share on other sites More sharing options...
Members catphish Posted August 22, 2007 Members Share Posted August 22, 2007 I guess it's just like winning the lottery. Link to comment Share on other sites More sharing options...
Members Bonoman Posted August 22, 2007 Members Share Posted August 22, 2007 That makes no sense... How can they tax him on something that basically has no value until it's sold? I mean, right now it's really just a used baseball, so what - they're going to tax him on the $3 that one used baseball would cost? The value only comes in because it's a coveted used baseball, but nobody knows how much it's worth because the guy hasn't sold it yet. This is completely freakin' asinine! Link to comment Share on other sites More sharing options...
Members coyote-1 Posted August 22, 2007 Members Share Posted August 22, 2007 Gotta agree with this. It has NO dollar value until tested at market. That makes no sense... How can they tax him on something that basically has no value until it's sold? I mean, right now it's really just a used baseball, so what - they're going to tax him on the $3 that one used baseball would cost? The value only comes in because it's a coveted used baseball, but nobody knows how much it's worth because the guy hasn't sold it yet. This is completely freakin' asinine! Unless you are the government, apparently - then you can assign a fictional value to it. Makes one very wary of listing such assets for insurance purposes, doesn't it.... Link to comment Share on other sites More sharing options...
Members lug Posted August 22, 2007 Members Share Posted August 22, 2007 That makes no sense... How can they tax him on something that basically has no value until it's sold? I mean, right now it's really just a used baseball, so what - they're going to tax him on the $3 that one used baseball would cost? The value only comes in because it's a coveted used baseball, but nobody knows how much it's worth because the guy hasn't sold it yet. This is completely freakin' asinine! Simple, it's worth anestimated $500,000 right now. If he sells it for a million after the tax, he is expected to file an ammended return and pay that, too. Remember the alternate idea of a National Sales Tax is tha EVIL! Link to comment Share on other sites More sharing options...
Members thelurker Posted August 22, 2007 Members Share Posted August 22, 2007 the state can do it because it smells a buck... Link to comment Share on other sites More sharing options...
Moderators ThudMaker Posted August 22, 2007 Moderators Share Posted August 22, 2007 It's absolute BS. The ball has zero value. At best it's worth the price of the ticket he paid to get into the ballpark. If and when the dude sells it, that amount should simply be considered capital gains and taxed at the capital gains rate. And I would sell now anyway. That ball will be worthless when the hard evidence comes in that Bonds was juicing. Link to comment Share on other sites More sharing options...
Members Svi Posted August 22, 2007 Members Share Posted August 22, 2007 It's absolute BS. The ball has zero value. At best it's worth the price of the ticket he paid to get into the ballpark. If and when the dude sells it, that amount should simply be considered capital gains and taxed at the capital gains rate. And I would sell now anyway. That ball will be worthless when the hard evidence comes in that Bonds was juicing. +1 Link to comment Share on other sites More sharing options...
Members Hotblack Posted August 22, 2007 Members Share Posted August 22, 2007 See how they pick on Mets fans. Link to comment Share on other sites More sharing options...
Members Mudbass Posted August 22, 2007 Members Share Posted August 22, 2007 The 21-year-old New York man said Tuesday he had no choice but to sell the ball Link to comment Share on other sites More sharing options...
Members BEAD Posted August 22, 2007 Members Share Posted August 22, 2007 I think everything should be taxed all the time. Yay! Link to comment Share on other sites More sharing options...
Moderators ThudMaker Posted August 22, 2007 Moderators Share Posted August 22, 2007 I think everything should be taxed all the time. Yay! I'm taxed right now reading your post. Link to comment Share on other sites More sharing options...
Moderators Kindness Posted August 22, 2007 Moderators Share Posted August 22, 2007 I wonder what would happen if I were friends with a great artist who, for a special event in my life, made me a work of art that would fetch a million dollars, but was created with only $5 of supplies (hypothetical as can be). Would I have to immediately sell the gift if I didn't have the money to pay the taxes on the estimated value? Seems like a strange concept. Link to comment Share on other sites More sharing options...
Members Fran da Man Posted August 22, 2007 Members Share Posted August 22, 2007 The 21-year-old New York man said Tuesday he had no choice but to sell the ball Link to comment Share on other sites More sharing options...
Members BEAD Posted August 22, 2007 Members Share Posted August 22, 2007 I'm taxed right now reading your post. Link to comment Share on other sites More sharing options...
Members BEAD Posted August 22, 2007 Members Share Posted August 22, 2007 Tell me if this scenario makes sense or would work.This guy is apparently afraid of hanging onto this ball right? so it seems either way he is going to sell it/get rid of it.Here's the scenario i see.This guy goes ahead and pays the taxes on this ball at its bought value (someone said 3 bux?) or even if it cost $20 or whatever, right, he pays that tax...OK?Now, he sells that ball for X number of dollars; so beings HE already paid taxes on this ball, how can they tax that same guy again for that same ball?Given the gist of this ball being taxable just for "possessing it" wouldn't the taxes be transferred to the new owner following the pattern that they want to establish tax wise? I think they could try to appraise the ball or something. Like, if I sold you my house for $50, you'd still have to pay near what it's actually "worth." I'm curious about the whole thing though... has anybody from the fed or state gov. actually come out and said they intended on nailing this guy? Link to comment Share on other sites More sharing options...
Members Fran da Man Posted August 22, 2007 Members Share Posted August 22, 2007 A house is a bit different because it's a 'permanent structure', now a car on the other hand i'd only have to pay taxes on the purchase value. Link to comment Share on other sites More sharing options...
Moderators Kindness Posted August 22, 2007 Moderators Share Posted August 22, 2007 Given the gist of this ball being taxable just for "possessing it" wouldn't the taxes be transferred to the new owner following the pattern that they want to establish tax wise? No, that's not the gist. The gist is taxing the income or the increase in value of the asset. Link to comment Share on other sites More sharing options...
Members baracuda2004 Posted August 22, 2007 Members Share Posted August 22, 2007 I pooped earlier... if I sale that will I be taxed.. I mean it's MY poop. If i get a big black man to hit my poop with his bat then can it be taxed then??? Ohhhhhhhhhhh... that sounded baaddd!!! Link to comment Share on other sites More sharing options...
Members Fran da Man Posted August 22, 2007 Members Share Posted August 22, 2007 No, that's not the gist. The gist is taxing the income or the increase in value of the asset. Thats what i mean, this guy should pay the taxes right now then sell it.He can't be taxed twice on it can he? Link to comment Share on other sites More sharing options...
Moderators Kindness Posted August 22, 2007 Moderators Share Posted August 22, 2007 Thats what i mean, this guy should pay the taxes right now then sell it.He can't be taxed twice on it can he? The estimated value right now is 500k, that's what he'd have to pay taxes on if you believe he has to pay any taxes today. I don't know for sure whether he does or doesn't. If he then sold it for 600k, he'd owe taxes on the increase in value - 100k. Link to comment Share on other sites More sharing options...
Members baracuda2004 Posted August 22, 2007 Members Share Posted August 22, 2007 The estimated value right now is 500k, that's what he'd have to pay taxes on if you believe he has to pay any taxes today. I don't know for sure whether he does or doesn't. If he then sold it for 600k, he'd owe taxes on the increase in value - 100k. sell it on the DL to a private bidder for 1,000,000 or so then only pay the taxes on the 500k..sounds easy enough to me. Just make sure you back him up saying that you were only paid 500k for it. Link to comment Share on other sites More sharing options...
Moderators Kindness Posted August 22, 2007 Moderators Share Posted August 22, 2007 sell it on the DL to a private bidder for 1,000,000 or so then only pay the taxes on the 500k..sounds easy enough to me. Just make sure you back him up saying that you were only paid 500k for it. Sure, tax evasion sounds like a real smart move. Link to comment Share on other sites More sharing options...
Members baracuda2004 Posted August 22, 2007 Members Share Posted August 22, 2007 Sure, tax evasion sounds like a real smart move. I don't know about any of ya'll, but i'm about sick and tired of the {censored}ing government in this "FREE" country controlling everything about my life. {censored} the government. Link to comment Share on other sites More sharing options...
Moderators Kindness Posted August 22, 2007 Moderators Share Posted August 22, 2007 I don't know about any of ya'll, but i'm about sick and tired of the {censored}ing government in this "FREE" country controlling everything about my life. {censored} the government. Good luck with that. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.