Comments on: Catch Historic Baseball, Pay Thousands!

By: Ryan

Ryan — Tue, 14 Aug 2007 00:24:17 +0000

Lucky for the guy that caught McGwire’s ball… he received a $3M pay day!

For all the speculation that surrounds this situation, I think he will end up selling the ball. It will be very hard to pass up a cool half million dollars!

By: dimes

dimes — Mon, 13 Aug 2007 22:45:34 +0000

I seem to recall that when Mark McGwire was approaching his record back in 1998 or whenever that some IRS spokesperson specifically mentioned that the person who caught that ball would not have to pay gift taxes on it (like, if he’d handed it back to Mac), but otherwise its value should count as income, though it is hard to determine fair market value for a smacked baseball. Can you imagine though, gathering up the famous ball and handing it back to the player, and then getting chased down by the IRS for unpaid gift tax revenue? The things they think up!

By: Ryan

Ryan — Sun, 12 Aug 2007 18:51:32 +0000

Hi Amber,

To be honest, it doesn’t make sense to me either, and I am not sure exactly what will happen with the situation. The information I wrote about was quoted from an AP article.

I hope Murphy doesn’t have to pay taxes on the ball until he sells it.

Another consideration for the IRS – MLB uses over 100 baseballs every game, and many are hit into the stands as foul balls or home runs. Each one of these balls has “value,” though that amount may be little. Does that mean every fan who gets a ball at a game needs to adjust their income up another $5 or so? The IRS would then either have thousands of extra line items to deal with, or there would be thousands of people breaking the law. In my opinion he shouldn’t be taxed until he sells the ball, which ultimately, I think he will.

This is a great conversation piece though!

By: Amber Yount

Amber Yount — Sun, 12 Aug 2007 17:20:51 +0000

Hmm I heard Dace Ramsey say that all the rumors that he would have to pay taxes on it if he kept it were false. But he could be wrong. Said the IRS wouldn’t comment on it. Why should he pay taxes on it? It’s Baloney. I Understand if he should sell it (I still wouldn’t, I caught it, it’s mine…put it up on ebay? lol), but why should he owe taxes if he keeps it, if he keeps it I can hardly consider it “income”? (Can he trade the baseball for a house or hamburger?) Looks like the IRS is trying to get a free handout to me.

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Sun, 12 Aug 2007 15:18:54 +0000

[...] Money Flow: Catch Historic Baseball, Pay Thousands! Wow! Didn’t know you would owe money on a historic baseball whether or not you keep [...]