Bonds' Ball Taxed

[Catch22]

The man who caught Barry Bonds' ball is going to sell it, but only because he'd be taxed otherwise! I just heard it in passing on the news, does anyone know any more about it? I'm a hockey, and hockey only fan, but this just sounds ludicrous. How can you tax a baseball?

 

[ToughOmbre]

Saw the guy's interview. Pretty sure he mis-spoke with regard to taxes. He can only be taxed on the amount he receives (income) for selling the ball. Since it's estimated that the ball should go for $500,000 US, he'll do OK.

 

[Catch22]

Ah.

 

[DerAdlerIstGelandet]

Yeah there is no way they cant tax a ball.

If they tried I would sue them.

 

[Michael]

You would sue? You have a lot to learn about taxes my friend. The taxes have to be paid on any event that triggers an income or potential income. If you go on a TV game show the winnings are taxed. If you come to California and play professional sports you are taxed for what it is estimated you earned here (state tax). Even if you are not a resident here!
The man that caught the baseball is not a resident here but will be taxed on the potential income and must pay California and Federal taxes. I have a friend that works at the franchise tax board in Sacramento and she told me that, the day after the catch, the Feds called her boss and said they were estimating the value at 1 million. An estimated quarterly tax must be paid based on that probable income. If that is not correct they will adjust when the tax papers are filed (April 15).
I am not saying it is right, I am reporting what has been told to me. Taxes pay for that Blackhawk you fly in and the money can't come from nowhere. Unless there are some very rich people on this board, I doubt our combined taxes would buy and support one Blackhawk and all its crew, maintenance, etc.

 

[DerAdlerIstGelandet]

You would sue? You have a lot to learn about taxes my friend. The taxes have to be paid on any event that triggers an income or potential income. If you go on a TV game show the winnings are taxed. If you come to California and play professional sports you are taxed for what it is estimated you earned here (state tax). Even if you are not a resident here!
The man that caught the baseball is not a resident here but will be taxed on the potential income and must pay California and Federal taxes. I have a friend that works at the franchise tax board in Sacramento and she told me that, the day after the catch, the Feds called her boss and said they were estimating the value at 1 million. An estimated quarterly tax must be paid based on that probable income. If that is not correct they will adjust when the tax papers are filed (April 15).
I am not saying it is right, I am reporting what has been told to me. Taxes pay for that Blackhawk you fly in and the money can't come from nowhere. Unless there are some very rich people on this board, I doubt our combined taxes would buy and support one Blackhawk and all its crew, maintenance, etc.

No **** shirlock. My post was not meant to be taken serious.

I know plenty about taxes I have been paying them for years and years and years....