Bonds 756 Homer Run Ball

[howiek]

This kid Matt Murphy catches Bonds 756 Homer Run Ball. Lucky him!!!
Reports are saying even if he doesn't sell the ball he owes taxes on the value of the ball.
If the ball is worth approx. $600,000 bucks he owes $210,000 bucks
WHY???????
If he sells it, I can understand.
If Carlos Beltran gives me a game used bat at Shea one day and then I get him to sign it. Maybe its worth $500 bucks. Does that mean I owe taxes on
$500.
Or even say my Autograph collection, I have approx. 400 Auto's. I would think I have a pretty valuable collection. Do I owe taxes on them even though they are just sitting in my house.
Can someone explain why he owes taxes on something he doesn't sell.

[BoofBonser26]

This kid Matt Murphy catches Bonds 756 Homer Run Ball. Lucky him!!!
Reports are saying even if he doesn't sell the ball he owes taxes on the value of the ball.
If the ball is worth approx. $600,000 bucks he owes $210,000 bucks
WHY???????
If he sells it, I can understand.
If Carlos Beltran gives me a game used bat at Shea one day and then I get him to sign it. Maybe its worth $500 bucks. Does that mean I owe taxes on
$500.
Or even say my Autograph collection, I have approx. 400 Auto's. I would think I have a pretty valuable collection. Do I owe taxes on them even though they are just sitting in my house.
Can someone explain why he owes taxes on something he doesn't sell.
I'll leave the legal explanation to someone else, but I assume it's the same law that says you have to pay taxes on something you win on a game show and keep for yourself. Both are free.

[BoofBonser26]

Oh, and on a different note, the ball is worth $1 mill easy, and probably much more than that - isn't it?

[sharrock]

Oh, and on a different note, the ball is worth $1 mill easy, and probably much more than that - isn't it?

No, I've heard less than a half million. Keep in mind that Bond's baggage brings down the value and that this is not a record ball as soon as Bonds hits another homerun. Its important, but not as much as one initially thinks.

Remember the Spawn guy paying 3 million for McGwire's 70th? I bet he couldnt get more than a few hundred thousand now.

[Dalkowski110]

According to Forbes, they only think the ball will go for $500,000 because of the steroid cloud. I think that's under-valuing it a bit, and also not factoring in a guy who really wants it. I'd say it could fetch from $750,000-$1 Million, but I doubt it'll go for as much as the McGwire ball went for, because at the time it sold, there was no steroid cloud.

[stang05]

id go with 1 million plus on ebay. has anyone heard if he is selling it on there?

[BoofBonser26]

Huh. I know that the steroid cloud would bring it down, but I was thinking that all it takes are three or four (or just two) rich people who like Bonds and baseball, and there are certainly at least that many. I guess we'll just have to wait and see.

MLB.com has an article saying that the guy's thinking about keeping it - we'll see how long that lasts. :D

[stang05]

haha yea keep it till bonds retires. he lives in new york people find out where he lives he is gettin robbed