|
Jaxen
|
 |
« on: Jul 13, 2011 at 10:53 » |
|
http://sports.yahoo.com/mlb/blog/big_league_stew/post/Buzzkill-Fan-may-owe-taxes-on-rewards-for-Jeter?urn=mlb-wp12427Advice for if you ever catch a commemorative ball: First thing you do is sell it to your parents or kids for $1. Let the IRS come and get their 15 cents on that. Since it's not a retail item, a collectible is "worth" whatever someone's willing to pay for it. It would have been worse if he held on to the ball; the IRS would have attached a value to it and it would've been 100% taxable.
|
|
|
|
|
Logged
|
"It's hard work. Gambling. Playing poker. Don't let anyone tell you different. Think about what it's like sitting at a poker table with people whose only goal is to cut your throat, take your money, and leave you out back talking to yourself about what went wrong inside. If you don't believe me, then you're the lamb that's going off to the slaughter."
-- Stu Ungar
|
|
|
|
troysteelerfan
|
|
« Reply #1 on: Jul 13, 2011 at 12:56 » |
|
NO DOUBT - that is just a bunch of BS.
|
|
|
|
|
Logged
|
Those who vote decide nothing. Those who count the votes decide everything.
|
|
|
|
Martini
|
|
« Reply #2 on: Jul 13, 2011 at 13:06 » |
|
Geez. The guy has $100K in student loans and still decided to return the ball that people seem to agree would have immediately erased that amount and given him some walking around money even after taxes. Quite the decision to return the ball.
|
|
|
|
|
Logged
|
(not a real alcoholic beverage)
|
|
|
Dr. Neau
Regular
Posts: 8886
Dr. Neau is a player of the pokers
|
|
« Reply #3 on: Jul 13, 2011 at 21:38 » |
|
Curious what the BS is.
He's getting compensated: Taxable transaction. Every transaction is taxable by law unless otherwise excluded. No BS here.
And the selling to someone for $1...That wouldn't fly.
|
|
|
|
|
Logged
|
(not a real doctor) Concentrate on winning your tournament...let Dr. Neau manage it. http://drneau.com |
|
|
|
troysteelerfan
|
|
« Reply #4 on: Jul 13, 2011 at 21:49 » |
|
I think the BS is that he did something nice - gave the ball back b/c he is a huge yankees fan - the team gives him some tickets etc and then he has to pay taxes on that stuff - that's wrong - especially when one considers the tax breaks that our government seems to always give large corporations and then the government is going to do this?? yeah that's fair. In retrospect he probably should have kept the ball - sold it for more than the value he got in tickets - paid his taxes on the sale of the ball and as mentioned above - he still has some $$ left over....but rather than do that he tries to do something honorable and is now going to get the shaft it appears.
|
|
|
|
|
Logged
|
Those who vote decide nothing. Those who count the votes decide everything.
|
|
|
|
stooks99
|
|
« Reply #5 on: Jul 13, 2011 at 23:11 » |
|
I think the guy is an idiot for giving it away in the first place. He, literally, gave away a life changing amount of money. I know it may seem like a fine, upstanding, noble thing to do, but let's be realistic about what he did. He did a "big" favor to a guy who has had enough good fortune to fill the room. If he had just been a tad more shrewd, he could have, literally, changed his and his family's lives. Nice guy, dumb decision, he got what's coming to him.
|
|
|
|
|
Logged
|
|
|
|
Dr. Neau
Regular
Posts: 8886
Dr. Neau is a player of the pokers
|
|
« Reply #6 on: Jul 14, 2011 at 08:14 » |
|
I think the BS is that he did something nice - gave the ball back b/c he is a huge yankees fan - the team gives him some tickets etc and then he has to pay taxes on that stuff - that's wrong - especially when one considers the tax breaks that our government seems to always give large corporations and then the government is going to do this?? yeah that's fair. In retrospect he probably should have kept the ball - sold it for more than the value he got in tickets - paid his taxes on the sale of the ball and as mentioned above - he still has some $$ left over....but rather than do that he tries to do something honorable and is now going to get the shaft it appears.
So next year's 1040 should have this in the deductions section: 39. Amount of income derived from being extra super nice: $____________
40. Deduct line 39 from line 38. This is your GROSS TAXABLE INCOME: $_________ |
|
|
|
|
Logged
|
(not a real doctor) Concentrate on winning your tournament...let Dr. Neau manage it. http://drneau.com |
|
|
|
Jaxen
|
|
« Reply #7 on: Jul 14, 2011 at 19:36 » |
|
As big (read: bad) as the IRS tax code is, any good tax lawyer can find a loophole around it. Hell, I bet my nieghbor could and she's just a shrewd accountant.
|
|
|
|
|
Logged
|
"It's hard work. Gambling. Playing poker. Don't let anyone tell you different. Think about what it's like sitting at a poker table with people whose only goal is to cut your throat, take your money, and leave you out back talking to yourself about what went wrong inside. If you don't believe me, then you're the lamb that's going off to the slaughter."
-- Stu Ungar
|
|
|
|
troysteelerfan
|
|
« Reply #8 on: Jul 14, 2011 at 19:43 » |
|
I think the BS is that he did something nice - gave the ball back b/c he is a huge yankees fan - the team gives him some tickets etc and then he has to pay taxes on that stuff - that's wrong - especially when one considers the tax breaks that our government seems to always give large corporations and then the government is going to do this?? yeah that's fair. In retrospect he probably should have kept the ball - sold it for more than the value he got in tickets - paid his taxes on the sale of the ball and as mentioned above - he still has some $$ left over....but rather than do that he tries to do something honorable and is now going to get the shaft it appears.
So next year's 1040 should have this in the deductions section: 39. Amount of income derived from being extra super nice: $____________
40. Deduct line 39 from line 38. This is your GROSS TAXABLE INCOME: $_________ We are just gonna have to agree to disagree on this because you appear to be missing my point. He did nothing - other than get a foul ball at a baseball game (that turns out to be valuable) - gave it back to the player . The team gives him tickets/etc - and then he has to pay a ton in taxes? That's wrong. And I bet if we did a poll on here most would agree that it's wrong. |
|
|
|
|
Logged
|
Those who vote decide nothing. Those who count the votes decide everything.
|
|
|
Dr. Neau
Regular
Posts: 8886
Dr. Neau is a player of the pokers
|
|
« Reply #9 on: Jul 14, 2011 at 20:31 » |
|
We are just gonna have to agree to disagree on this because you appear to be missing my point. He did nothing - other than get a foul ball at a baseball game (that turns out to be valuable) - gave it back to the player . The team gives him tickets/etc - and then he has to pay a ton in taxes? That's wrong.
No, that's tax law. And technically, the ball became valuable sometime between after it left the bat and before he touched it...probably about the time it crossed over the wall. |
|
|
|
|
Logged
|
(not a real doctor) Concentrate on winning your tournament...let Dr. Neau manage it. http://drneau.com |
|
|
|
Yankee
|
|
« Reply #10 on: Jul 14, 2011 at 21:34 » |
|
We are just gonna have to agree to disagree on this because you appear to be missing my point. He did nothing - other than get a foul ball at a baseball game (that turns out to be valuable) - gave it back to the player . The team gives him tickets/etc - and then he has to pay a ton in taxes? That's wrong.
No, that's tax law. And technically, the ball became valuable sometime between after it left the bat and before he touched it...probably about the time it crossed over the wall. Can we argue again as to when the ball became a hit? As it left the pitchers hand or when it hit in fair territory? |
|
|
|
|
Logged
|
|
|
|
|
Yankee
|
|
« Reply #11 on: Jul 14, 2011 at 21:37 » |
|
I think the BS is that he did something nice - gave the ball back b/c he is a huge yankees fan - the team gives him some tickets etc and then he has to pay taxes on that stuff - that's wrong - especially when one considers the tax breaks that our government seems to always give large corporations and then the government is going to do this?? yeah that's fair. In retrospect he probably should have kept the ball - sold it for more than the value he got in tickets - paid his taxes on the sale of the ball and as mentioned above - he still has some $$ left over....but rather than do that he tries to do something honorable and is now going to get the shaft it appears.
So next year's 1040 should have this in the deductions section: 39. Amount of income derived from being extra super nice: $____________
40. Deduct line 39 from line 38. This is your GROSS TAXABLE INCOME: $_________ We are just gonna have to agree to disagree on this because you appear to be missing my point. He did nothing - other than get a foul fair ball at a baseball game (that turns out to be valuable) - gave it back to the player . The team gives him tickets/etc - and then he has to pay a ton in taxes? That's wrong. And I bet if we did a poll on here most would agree that it's wrong. |
|
|
|
|
Logged
|
|
|
|
|
troysteelerfan
|
|
« Reply #12 on: Jul 14, 2011 at 21:49 » |
|
so since its "Law" that makes it "right"
|
|
|
|
|
Logged
|
Those who vote decide nothing. Those who count the votes decide everything.
|
|
|
Dr. Neau
Regular
Posts: 8886
Dr. Neau is a player of the pokers
|
 |
« Reply #13 on: Jul 15, 2011 at 09:51 » |
|
Now what should happen is that the yankees cover the tax liability, and the tax liability for covering the tax liability, and so on...
|
|
|
|
|
Logged
|
(not a real doctor) Concentrate on winning your tournament...let Dr. Neau manage it. http://drneau.com |
|
|
Milo
Regular
Posts: 1784
Money is bisexual
|
|
« Reply #14 on: Jul 15, 2011 at 17:34 » |
|
What will happen from now on, is that these sorts of transactions will take place behind closed doors, so that the IRS can be told to go f$%k themselves. What a joke . . .
|
|
|
|
« Last Edit: Jul 16, 2011 at 16:07 by Milo »
|
Logged
|
TANSTAAFL
|
|
|
|
troysteelerfan
|
|
« Reply #15 on: Jul 15, 2011 at 21:32 » |
|
What will happen from now on, is that these sorts of transactions will take place behind closed doors, so that the RIS can be told to go f$%k themselves. What a joke . . .
Exactly! |
|
|
|
|
Logged
|
Those who vote decide nothing. Those who count the votes decide everything.
|
|
|
Junior
Regular
Posts: 792
HEEE HAAWWW
|
|
« Reply #16 on: Jul 19, 2011 at 23:48 » |
|
Curious what the BS is.
He's getting compensated: Taxable transaction. Every transaction is taxable by law unless otherwise excluded. No BS here.
And the selling to someone for $1...That wouldn't fly.
Thankfully I live in Canada. I can sell my personal items and the government can go F emselves |
|
|
|
|
Logged
|
The Donkey formerly known as Shmegma!
|
|
|
Junior
Regular
Posts: 792
HEEE HAAWWW
|
|
« Reply #17 on: Jul 19, 2011 at 23:52 » |
|
We are just gonna have to agree to disagree on this because you appear to be missing my point. He did nothing - other than get a foul ball at a baseball game (that turns out to be valuable) - gave it back to the player . The team gives him tickets/etc - and then he has to pay a ton in taxes? That's wrong.
No, that's tax law. And technically, the ball became valuable sometime between after it left the bat and before he touched it...probably about the time it crossed over the wall. ya, and that value is whatever some clown decides what they think Jeter's 3000th hit is worth which is bullsh%t. Nobody has that qualification. Bottom line, I'd find a buyer for the ball, have him write me a cheque for about $8, what the ball is actually worth and then give me the rest in cash. |
|
|
|
|
Logged
|
The Donkey formerly known as Shmegma!
|
|
|
|
Wedge Rock
|
|
« Reply #18 on: Jul 20, 2011 at 07:15 » |
|
I'd find a buyer for the ball, have him write me a cheque for about $8, what the ball is actually worth and then give me the rest in cash.
...and the IRS would explain to you the finer points of "imputed income." |
|
|
|
|
Logged
|
Wedge Rock (not a real rock)  Guilty of over-using ellipses... |
|
|
Junior
Regular
Posts: 792
HEEE HAAWWW
|
|
« Reply #19 on: Jul 20, 2011 at 14:41 » |
|
I'd find a buyer for the ball, have him write me a cheque for about $8, what the ball is actually worth and then give me the rest in cash.
...and the IRS would explain to you the finer points of "imputed income." The IRS can go ahead and come find me up here in Canuckville! lol |
|
|
|
|
Logged
|
The Donkey formerly known as Shmegma!
|
|
|
Dr. Neau
Regular
Posts: 8886
Dr. Neau is a player of the pokers
|
|
« Reply #20 on: Jul 20, 2011 at 16:23 » |
|
I'd find a buyer for the ball, have him write me a cheque for about $8, what the ball is actually worth and then give me the rest in cash.
...and the IRS would explain to you the finer points of "imputed income." The IRS can go ahead and come find me up here in Canuckville! lol Didn't you watch "Say Anything"  If your stuff is too nice, they will find you. |
|
|
|
|
Logged
|
(not a real doctor) Concentrate on winning your tournament...let Dr. Neau manage it. http://drneau.com |
|
|
Milo
Regular
Posts: 1784
Money is bisexual
|
|
« Reply #21 on: Jul 20, 2011 at 21:48 » |
|
I'd find a buyer for the ball, have him write me a cheque for about $8, what the ball is actually worth and then give me the rest in cash.
...and the IRS would explain to you the finer points of "imputed income." To which my response would be . . . IMPUTE THIS !!! Seriously, I have a cancelled cheque for the purchase price of what I sold. If the buyer got a great deal, so what? Come up her and get me Copper . . . |
|
|
|
|
Logged
|
TANSTAAFL
|
|
|
|
Wedge Rock
|
|
« Reply #22 on: Jul 21, 2011 at 06:56 » |
|
To which my response would be . . . IMPUTE THIS !!!
Wow. I didn't realize you were going with the "impute this" defense. Yeah that should definitely work... I can't believe I didn't think of that... However, be careful of the IRS countering with "Liar, liar, pants on fire!" |
|
|
|
« Last Edit: Jul 21, 2011 at 13:37 by Wedge Rock »
|
Logged
|
Wedge Rock (not a real rock) Guilty of over-using ellipses... |
|
|
Dr. Neau
Regular
Posts: 8886
Dr. Neau is a player of the pokers
|
|
« Reply #23 on: Jul 21, 2011 at 17:03 » |
|
I'd find a buyer for the ball, have him write me a cheque for about $8, what the ball is actually worth and then give me the rest in cash.
...and the IRS would explain to you the finer points of "imputed income." To which my response would be . . . IMPUTE THIS !!! Seriously, I have a cancelled cheque for the purchase price of what I sold. If the buyer got a great deal, so what? Come up her and get me Copper . . . If you're just going to hide in Canada, then why bother with the $8 check?? |
|
|
|
|
Logged
|
(not a real doctor) Concentrate on winning your tournament...let Dr. Neau manage it. http://drneau.com |
|
|
Milo
Regular
Posts: 1784
Money is bisexual
|
|
« Reply #24 on: Jul 21, 2011 at 20:27 » |
|
Wouldn't be hiding. I live here . . .
|
|
|
|
|
Logged
|
TANSTAAFL
|
|
|
Junior
Regular
Posts: 792
HEEE HAAWWW
|
|
« Reply #25 on: Jul 22, 2011 at 00:59 » |
|
To which my response would be . . . IMPUTE THIS !!!
Wow. I didn't realize you were going with the "impute this" defense. Yeah that should definitely work... I can't believe I didn't think of that... However, be careful of the IRS countering with "Liar, liar, pants on fire!" LMAO |
|
|
|
|
Logged
|
The Donkey formerly known as Shmegma!
|
|
|
|
KPrather
|
|
« Reply #26 on: Jul 24, 2011 at 15:58 » |
|
|
|
|
|
|
Logged
|
|
|
|
|
