TAXING TIMES: Fan who caught Aaron Judge's historic homer may face massive IRS bill
Ken Goldin of Goldin Auctions previews vintage baseball memorabilia up for auction on"Varney & Co."
Media reports Tuesday night said the Dallas man has not made up his mind. Youmans is married to sports reporter and former "The Bachelor" contestant Bri Amaranthus.The tax rules for caught balls are as confusing as the infield fly rule. The IRS, which declined comment, has never stated its position on whether a ball becomes taxable when it leaves the stadium or when it's sold by the fan who caught it.
The actual tax would depend on other factors, including your marital status, family size, income and deductions, and how long you held the ball. Holding the ball for more than a year qualifies for a lower capital gains tax rate, but the IRS has a special tax rate on "collectibles." AARON JUDGE’S 62ND HOME RUN BALL WILL BE MORE VALUABLE THAN ALBERT PUJOLS’ 700TH, MEMORABILIA EXPERT SAYS
Pickering says the IRS whiffed: "While giving the ball back to the club could look like a ‘gift,’ thus subjecting the giver to possible gift tax if the value is over $16,000, the IRS says returning the ball is more like returning unsolicited merchandise than giving a gift. In that case, giving a ball back likely won’t result in any taxable event for the fan.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
MLB Props Picks - Our Best Bets for October 5The final day of the MLB season, especially with all the playoff races decided, means a lot of backups and rest. Sifting through the games, we've identified three player prop picks worth considering. Find out which ones here:
Weiterlesen »
How Yankees prospect Jasson Dominguez found joy, his swing and a title in New JerseyOutfielder Jasson Dominguez is the New York Yankees' No. 2 prospect according to MLB Pipeline.
Weiterlesen »
Mets to face Padres in wild-card round at Citi FieldThe Mets have their opponent for the first round of the 2022 MLB playoffs.
Weiterlesen »
Inside the MLB Culture Wars That Led to Joe Maddon’s FiringWhat really happened between Joe Maddon and the Angels? The story of how the veteran lost his job is about the culture wars within MLB organizations. Maddon and Tom Verducci explain
Weiterlesen »