Quote:
Originally Posted by kane
Here is an interesting story. http://www.forbes.com/feeds/ap/2007/...ap4005614.html
They say that the record breaking bonds ball is worth 500K to 600K and that if he sells it he will have to pay around 35% of the sale price in taxes. The problem for him is that if he decides he wants to keep it he will still have to pay the taxes on the appraised value of the ball and he would have to pay capitol gains tax on it if the value goes up and he sells it down the road.
What I wonder is if they find out Bonds was roided up and the value of the ball plummets, would he get his taxes back? |
I can't see that happening. The value of the ball will be determined at sale. Until then it is just a $10 baseball. (or whatever they cost). I never heard of this happening in the past. It would be like someone famous painting a painting for you as a gift and the IRS say, mmmm we think it is worth 200K, so you have to pay capitol gains
