If you caught a famous ball, what would you do?

[Bombers]

With it being a Yankee hit ball - I would demand MLB change their salary structure and have equal revenue sharing. Then when they said no I would demand atleast 1 million dollars. And Steinbrenner better pony up or I would make sure he looks like the fool. He can pay 100's of million for a player but not for a ball that means a lot to the org.

[Raw Biz]

With it being a Yankee hit ball - I would demand MLB change their salary structure and have equal revenue sharing. Then when they said no I would demand atleast 1 million dollars. And Steinbrenner better pony up or I would make sure he looks like the fool. He can pay 100's of million for a player but not for a ball that means a lot to the org.

Did you forget he died last year? Or are you talking about Hank or Hal?

[Bombers]

Ya i know he died and I was talking about Hank ... I assumed he has some ownership but I am not 100% on what their ownership structure looks like. Either way I would take their money for sure

[TracyThom]

The IRS would never get you on taxes for giving the ball back. I DOUBT they could do anything until you sell the ball - especially since the ball doesn't have a "value" until it is sold. So we can pretty much take that out of the argument.

Although various tax experts disagree on the topic, this is from the article I quoted in my post:

 

“It’s an expensive catch,” said John Barrie, a tax lawyer with Bryan Cave LLP in New York who grew up watching the Giants play at Candlestick Park. “Once he took possession of the ball and it was his ball, it was income to him based on its value as of yesterday,”

Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value, according to Barrie. Capital gains taxes also could be levied in the future as the ball gains value, he said.

 

[jhart05]

No question in my mind. Keep it for the money. But I would try to sell it back to the player or the team. Don't care what team or player it was.

 

I could do a lot of good with $250k, while it's basically walking around money to MLB.

 

Pay off my house. Put some away for my kids college. Help out my sister with her medical issues/bills. It wouldn't last very long, that's for sure.

[Invader3K]

If it was a Brewers player, I would probably exchange it for a signed ball and/or bat, along with a picture with the player. If it was a really huge milestone, maybe ask for some tickets to a future game or something like that.

 

As far as Jeter or any other big star with another team, I would hold out for cash. $250K is really peanuts to Jeter and the Yankees.

[rluzinski]

It would be consigned to an auction house and would be sold to the highest bidder, if the player truly wanted it they would be welcome to bid, I'd assume they'd have the money. As the players say, 'it's a business'.

That is a perfect response. I have no issue with professional athletes for trying to maximize their profits. It's practically un-American to expect otherwise. So if any player or baseball organization expects a fan to give away something that is worth money on the open market, that is an insult.

[JohnBriggs12]

No way would I give up something of significant value. I'd immediately put it in a safety deposit box and contact an auction house. Once sold and the government and the auction house takes it's share, I'd make a nice charitable contribution, and keep the rest.

 

Getting a ball like that is the equivalent of winning a raffle. Why would I give money back I won in a raffle?

[3Putt]

I was about to say I'd give it back for nothing until I read your $250,000 estimate. It's one thing to be nice and another to be crazy.

[danzig6767]

As few others have said, if say it was some milestone to a Brewers players that wouldn't fetch a significant amount of money, i'd be nice and just give the ball back few a few signed items.

 

If though we are talking about a ball worth 100-250 grand, i'm selling it and putting about 80% of that money in an account for my daughter's future, assuming she does something of good use of the money.

 

There isn't anything selfish at all about a person getting significant money for his/her family, instead of just giving the ball back for a package of signed items. Opportunities like that don't come around often.

[TauPentaRei]

my first thought - in the context of this ball - was 2 first row season tickets for life. and my children's lives... and their children's children's lives... in perpetuity for the history of the Yankees existence.

 

first #3000 for a unanimous (?)-first ballot HOFer-will have a statue-to be mentioned as one of the "ghosts" roaming the field in 50 years-Yankee is a priceless object.

 

wow did the Yankees get off light and boy is this guy a chump.

[Invader3K]

Heard this guy could be taxed anywhere between $5,000-13,000 for the items he received in exchange for the ball. I would hope the Yankees cover that tax bill for him.

[RockCoCougars]

I think he will definitely be taxed unless the IRS decides to avoid the bad publicity. I'm not sure whether the IRS would construe the package that he received from the Yankees as a gift or a prize, but they would both be taxable. Yet another reason that he should have cashed in on the ball.

[Invader3K]

I think he will definitely be taxed unless the IRS decides to avoid the bad publicity. I'm not sure whether the IRS would construe the package that he received from the Yankees as a gift or a prize, but they would both be taxable. Yet another reason that he should have cashed in on the ball.

I think the IRS defines anything that improves your economic standing as taxable income, including gifts (I think that excludes gifts from relatives up to a certain point annually, but I could be wrong). I doubt the IRS is concerned about "publicity".

[JohnBriggs12]

The guy who gave up the ball was 23, proving once again that young people do foolish things because for the most part they don't have much perspective. Anyone who had experienced job loss, medical bills etc, which is the vast majority of people over 50, would not give away something that valuable out of sentimental attachment to a sports franchise.

[RockCoCougars]

I think he will definitely be taxed unless the IRS decides to avoid the bad publicity. I'm not sure whether the IRS would construe the package that he received from the Yankees as a gift or a prize, but they would both be taxable. Yet another reason that he should have cashed in on the ball.

I think the IRS defines anything that improves your economic standing as taxable income, including gifts (I think that excludes gifts from relatives up to a certain point annually, but I could be wrong). I doubt the IRS is concerned about "publicity".

Frankly, I think that the publicity will completely affect the IRS' decision to enter the fray. They may want to avoid the negative publicity such a move would elicit, or on the other hand, they actually may embrace the negative publicity to set an example for Joe Q. Public. At any rate, I'm sure that if they do go after this guy, benefactors and tax attorneys will be banging down his door and he'll end up paying nothing out of pocket. Unless he's found another way to cash in on his 15 minutes (interviews, etc.), we are likely only talking a few grand anyway, unless he sells/scalps the stuff that the Yankees gave him.

[dlk9s]

Just curious, would it be so difficult to sell the ball privately that it's worth sacrificing the fees to have an auction house do it? People keep saying that they'd turn it over to an auction house, but it seems to me that it wouldn't be all that hard to field offers privately. Create a website with information, get a separate phone number/e-mail address for "business," and issue some press releases with contact/web site info. When a deal is made, one party can travel to where the other is and the two can go to a bank to complete the transaction. I know it's probably a bit more complicated than that (might need to get a tax accountant involved or something), but I wouldn't relish forking over money to Sotheby's.

[FVBrewerFan]

Take the money and run, I would get top dollar for it. With that said, if, for example, Ryan Braun's 3,000 hit was a HR and I caught it, I would find out realistically how much it's worth. I would offer it to Ryan for that price instead of taking it right to auction or trying to sell to the highest bidder myself. I could live with getting "only" 250k instead of trying to get even more. Hometown discount, if you will.

[PilprinBuddha]

I sell it....but only to the player, team, or MLB.

 

Getting Jersys and stuff is awesome, but when the IRS comes calling I might not have the money to cover it. Hopefully Jeter and the Yankees pay the IRS bill for the kid.

[berniebrewer4life]

I sell it....but only to the player, team, or MLB.

 

Getting Jersys and stuff is awesome, but when the IRS comes calling I might not have the money to cover it. Hopefully Jeter and the Yankees pay the IRS bill for the kid.

Bingo. This point is often overlooked. I'd sell it to the team(or player, whatever). I could use the cash(student loans as well), and use a chunk of it to pay off the taxes owed for that money. I don't have a spare $7,000 laying around if the team wanted to give me a bunch of stuff that i would have to sell anyways to cover the taxes.

[RockCoCougars]

Just curious, would it be so difficult to sell the ball privately that it's worth sacrificing the fees to have an auction house do it? People keep saying that they'd turn it over to an auction house, but it seems to me that it wouldn't be all that hard to field offers privately. Create a website with information, get a separate phone number/e-mail address for "business," and issue some press releases with contact/web site info. When a deal is made, one party can travel to where the other is and the two can go to a bank to complete the transaction. I know it's probably a bit more complicated than that (might need to get a tax accountant involved or something), but I wouldn't relish forking over money to Sotheby's.

I would think that you could negotiate a lower fee with such an item. It could be the premier item for one of their auctions and would drive traffic and business towards the rest of the auction lots. Plus it would be a feather in the cap for the auction house's prestige. As for why I would use an auction house, they have an established advertising and buyer network worldwide. They would also handle a lot of the headaches for you, and in the end all you have to do is deliver the ball and cash the check.

 

As expected, Miller High Life and a sporting goods store in NYC have stepped up to the plate to help this guy with his bills (and get some good promotion).

[jjkoestler]

As expected, Miller High Life and a sporting goods store in NYC have stepped up to the plate to help this guy with his bills (and get some good promotion).

It's awesome that he isn't getting stuck paying the taxes, but it is Jeter and/or the Yankees whom should have stepped up to pay the taxes.

[BREWCREW5]

I would do what I always do...what is best for me and my family. This most likely is me keeping it and later selling it.

[BREWCREW5]

Yea, now the IRS is going after him. Get real, and lets hope the IRS has better things to do.

[RyDogg66]

As much as I would hate to say it, I would just have to sell it. I owe over 100k in student loans.