Fan who caught Jeter ball could owe big taxes

Zero2Cool
Elite Member Topic Starter

14 years ago

This kind of thing really pisses me off. Congrats you caught a home run! (psst, it happens to be an important ball so now you're gonna taxed!)

How are suite seats income? I don't understand this, but still pisses me off about our "system". Of course, the IRS hasn't said this was going to happen, it was an accountant, but just the idea that it could happen doesn't sit well with me. I'm sure the Yankee's will say it was a gift to avoid the tax, or maybe Derek Jeter will just front the guy the 14k.

http://news.blogs.cnn.com/2011/07/12/fan-who-caught-jeter-ball-could-owe-big-taxes/?hpt=hp_c2

Next time, just throw it back.

Accountants say the man who caught the home run ball that Derek Jeter smashed for his 3,000th hit Saturday will have to pay as much as $14,000 in taxes, New York media report.

Christian Lopez, 23, caught the ball and promptly handed it over to the Yankees without demanding any kind of payment, the Daily News reported. The Yankees rewarded him with suite seats for the rest of the season, plus a heap of autographed team memorabilia.

That's what could cost Lopez. According to The New York Times, the total value of the seats and loot could exceed $120,000. The IRS would consider that to be taxable income, several accountants told both newspapers.

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Wade
Veteran Member

14 years ago

[Translated from King Herod,When to demand your pound of flesh: the dummies guide for tax collectors, Corrupt Romans Press, c. 0 C.E.]

The two-part test for determining whether an event has tax implications:

1. Was value involved in the event?
2. Did the taxpayer receive part of that value?

If the answer to question 1 is "yes," a taxable event has occurred. Only those taxpayers who can conclusively, beyond even an unreasonable doubt, that the answer to question 2 is "no" are exempted from tax liability for that event.

And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)

DakotaT
Select Member

14 years ago

It's just like winning money at a Casino. They just 1099 your ass right on the spot. Whatever that ball is worth, so is it's taxable income - but the tax may not be realized until said ball is actually sold.

Really not anything worth getting your panties all twisted up over Zero.

A better question and one I've been meaning to ask all the righteous R's and T's in the forum: how can one justifiably bitch about welfare with one hand and hold the other one out for their inheritance or trust fund. Aren't they all three technically unearned income?

Pack93z
Select Member

14 years ago

How are suite seats income?

Originally Posted by: Zero2Cool

I like Wade's explanation.. as it is very technical.

Easier way to look at it.. if the Yankees sold those seats.. they are subject to taxes.. so in essences.. the Yankees gave away potential revenue for the IRS.. but never mind that based on the Yankees fading attendance figures, they would have gone unsold anyway.

Personally.. just as it was a noble thing for this young lad to hand the ball back (and get 15 minutes of fame), Jeter should be relaying a message that the tax bill will be taken care of promptly and without question.

"The oranges are dry; the apples are mealy; and the papayas... I don't know what's going on with the papayas!"

Pack93z
Select Member

14 years ago

Originally Posted by: DakotaT

The IRS doesn't care about the ball (not yet in 2011... soon you will be 1099'd upon leaving the ball park with memorabilia) .. no money changed hands.. it is the gift of luxury seats and autographed items that they care about.

"The oranges are dry; the apples are mealy; and the papayas... I don't know what's going on with the papayas!"

Zero2Cool
Elite Member Topic Starter

14 years ago

I guess what I'm not understanding is he didn't PAY for the seats, they were given to him. I understand that the Yankee's can not sell those seats, thus there is a loss of tax not being paid for those seats.

If our country essentially punishes a fan while watching "Americas Past Time", its no wonder why so many hate Americans.

The seats were given, not earned, therefore, no tax should be applied.

Our country has too much damn litigation already.
You want money? Sue someone.
You created something, but someone else created something better, sue them.
and so on ...

I suppose that's life and even though I despise those who try to get the quick buck, I wouldn't rather live anywhere else ... I've never been anywhere else either.

Oh and since the Yankee's gave away the seats, THEY are the ones who should be responsible for paying the tax that a customer would have paid. Not the fan who received the GIFT! At least, that's the logic going by what you've folks said.

Pack93z
Select Member

14 years ago

While I don't disagree that the context in this case is poor.. Uncle Sam wants his share of any gift.

http://www.irs.gov/businesses/small/article/0,,id=164872,00.html

Gift Tax

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.

"The oranges are dry; the apples are mealy; and the papayas... I don't know what's going on with the papayas!"

Zero2Cool
Elite Member Topic Starter

14 years ago

I understand the importance of tax, I don't much like it, but I'd rather a tax than say trust my neighbors to do their share of keeping the roads properly paved or well light, etc ...

I think the one giving the gift should be responsible for paying the tax. I mean, guess who pays tax for Santa's presents at Christmas time? Sure as hell isn't my daughters.

In this case, I think it should ( and will ) be the Yankee's.

Rockmolder
Honored Member

14 years ago

Originally Posted by: Zero2Cool

That'd be the same as your employer paying your income tax.

This looks fair enough to me. If he has that much memorabilia and a suite, he could just sell them, of course.

The whole moral thing will make the Yankees pay for this, regardless. Great PR move if Jeter pays it from his own pockets. What's $14.000,- for a man with his income?

Zero2Cool
Elite Member Topic Starter

14 years ago

#10

That'd be the same as your employer paying your income tax.

Originally Posted by: Rockmolder

Pretty sure it's nothing like that at all, especially since I don't receive gifts of any sort other than my paycheck, that I earn and oh get this, I pay TAXES out of it and on anything I purchase with said paycheck.

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