Comments on: Why can the IRS tax the kid who caught Bonds’ 756th home run ball? Couldn’t he sell it to a friend for $5? http://darlees.com/2010/07/why-can-the-irs-tax-the-kid-who-caught-bonds-756th-home-run-ball-couldnt-he-sell-it-to-a-friend-for-5/ Tax issues and help with tax Thu, 09 Feb 2012 19:55:50 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: wartz http://darlees.com/2010/07/why-can-the-irs-tax-the-kid-who-caught-bonds-756th-home-run-ball-couldnt-he-sell-it-to-a-friend-for-5/comment-page-1/#comment-678 wartz Thu, 01 Jul 2010 07:35:11 +0000 http://darlees.com/2010/07/why-can-the-irs-tax-the-kid-who-caught-bonds-756th-home-run-ball-couldnt-he-sell-it-to-a-friend-for-5/#comment-678 The ball is going to be auctioned by Sotheby's making all other speculation meaningless The ball is going to be auctioned by Sotheby’s making all other speculation meaningless

]]> By: CPA/PFS http://darlees.com/2010/07/why-can-the-irs-tax-the-kid-who-caught-bonds-756th-home-run-ball-couldnt-he-sell-it-to-a-friend-for-5/comment-page-1/#comment-677 CPA/PFS Thu, 01 Jul 2010 06:37:24 +0000 http://darlees.com/2010/07/why-can-the-irs-tax-the-kid-who-caught-bonds-756th-home-run-ball-couldnt-he-sell-it-to-a-friend-for-5/#comment-677 Yes, you are missing something. Forget that it is a ball. When you sell something to a family member at less that FMV, the difference is a gift, which may or may not result in a taxable event. Secondly, if you did sell an item to a family member at a bargain price, they could re-sell it and keep the proceeds. They wouldn't be yours. Yes, you are missing something. Forget that it is a ball. When you sell something to a family member at less that FMV, the difference is a gift, which may or may not result in a taxable event.

Secondly, if you did sell an item to a family member at a bargain price, they could re-sell it and keep the proceeds. They wouldn’t be yours.

]]> By: Judy http://darlees.com/2010/07/why-can-the-irs-tax-the-kid-who-caught-bonds-756th-home-run-ball-couldnt-he-sell-it-to-a-friend-for-5/comment-page-1/#comment-676 Judy Thu, 01 Jul 2010 05:41:28 +0000 http://darlees.com/2010/07/why-can-the-irs-tax-the-kid-who-caught-bonds-756th-home-run-ball-couldnt-he-sell-it-to-a-friend-for-5/#comment-676 The IRS hasn't said they're going to tax it unless it's sold, that was an announcement by one publicity-hound tax lawyer. If the kid wants to sell it, that's his choice. When he does, taxes will be due. The IRS hasn’t said they’re going to tax it unless it’s sold, that was an announcement by one publicity-hound tax lawyer.

If the kid wants to sell it, that’s his choice. When he does, taxes will be due.

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