Bad news for fan who caught Jeter ball

[Zero Sum 305]

Buzzkill: Fan may owe taxes on rewards for Jeter’s 3,000th

Christian Lopez might end up wishing he kept that baseball after all.

Lopez became more than a footnote to the spectacle of Derek Jeter(notes) getting his 3,000th hit on Saturday at Yankee Stadium by returning the milestone baseball to the New York Yankees shortstop rather than cash it in for a likely six-figure payday. That touched off a debate still raging among fans days later: Would you have given the ball back or sold it to the highest bidder for a payday that was rumored as high as $250,000?

For his gesture, Lopez was rewarded by the Yankees with luxury box tickets for the rest of the season (including postseason), along with signed baseballs, bats and jerseys from Jeter. In addition, Lopez received four premium front-row seats to last Sunday's Yankees-Rays game.

Nice haul, right? Sure, but with those generous gifts comes tax liability. As George Harrison once sang for the Beatles, "Let me tell you how it will be; There's one for you, nineteen for me. 'Cause I'm the Taxman."

The IRS will likely consider Lopez's gratuities from the Yankees as income, and if so, he could end up having to pay anywhere from $5,000 to $13,000 in taxes, according to the New York Daily News. The New York Times, meanwhile, says the face value of the tickets to the remaining 32 regular-season games at Yankee Stadium are worth anywhere between $44,800 and $73,600. The paper's conservative estimate puts Lopez's tax bill at $14,000.

Lopez, however, seems unfazed by these revelations.

If the IRS comes calling, he says he'll pay those taxes:

"Worse comes to worse, I'll have to pay the taxes," he told the Daily News on Monday. "I'm not going to return the seats. I have a lot of family and friends who will help me out if need be.

"The IRS has a job to do, so I'm not going to hold it against them, but it would be cool if they helped me out a little on this."

It's unclear from the quote whether the "they" Lopez refers to means the IRS or the Yankees. The IRS could obviously help him out by considering the items he was rewarded as gifts, rather than income. Then he wouldn't owe as much in taxes.

But could Derek Jeter or the Yankees also step in and pay the taxes for Lopez? One tax expert the Daily News spoke to made that very suggestion.

What a buzzkill. Lopez expressed hope that his parents would help him out with whatever taxes he might owe. But they could rightfully point out that some of that memorabilia — not to mention many of those tickets — could be sold off to cover his expenses. (Lopez might have to do that anyway, telling reporters that he still owes more than $100,000 in student loans.)

Lopez being essentially punished for what so many saw as a good deed and selfless act makes for a troubling epilogue to a nice story.

But maybe there's still a happy ending to come.

[IR5FORMUMSIE 850]

Buzzkill: Fan may owe taxes on rewards for Jeter's 3,000th

Christian Lopez might end up wishing he kept that baseball after all.

Lopez became more than a footnote to the spectacle of Derek Jeter(notes) getting his 3,000th hit on Saturday at Yankee Stadium by returning the milestone baseball to the New York Yankees shortstop rather than cash it in for a likely six-figure payday. That touched off a debate still raging among fans days later: Would you have given the ball back or sold it to the highest bidder for a payday that was rumored as high as $250,000?

For his gesture, Lopez was rewarded by the Yankees with luxury box tickets for the rest of the season (including postseason), along with signed baseballs, bats and jerseys from Jeter. In addition, Lopez received four premium front-row seats to last Sunday's Yankees-Rays game.

Nice haul, right? Sure, but with those generous gifts comes tax liability. As George Harrison once sang for the Beatles, "Let me tell you how it will be; There's one for you, nineteen for me. 'Cause I'm the Taxman."

The IRS will likely consider Lopez's gratuities from the Yankees as income, and if so, he could end up having to pay anywhere from $5,000 to $13,000 in taxes, according to the New York Daily News. The New York Times, meanwhile, says the face value of the tickets to the remaining 32 regular-season games at Yankee Stadium are worth anywhere between $44,800 and $73,600. The paper's conservative estimate puts Lopez's tax bill at $14,000.

Lopez, however, seems unfazed by these revelations.

If the IRS comes calling, he says he'll pay those taxes:

"Worse comes to worse, I'll have to pay the taxes," he told the Daily News on Monday. "I'm not going to return the seats. I have a lot of family and friends who will help me out if need be.

"The IRS has a job to do, so I'm not going to hold it against them, but it would be cool if they helped me out a little on this."

It's unclear from the quote whether the "they" Lopez refers to means the IRS or the Yankees. The IRS could obviously help him out by considering the items he was rewarded as gifts, rather than income. Then he wouldn't owe as much in taxes.

But could Derek Jeter or the Yankees also step in and pay the taxes for Lopez? One tax expert the Daily News spoke to made that very suggestion.

What a buzzkill. Lopez expressed hope that his parents would help him out with whatever taxes he might owe. But they could rightfully point out that some of that memorabilia — not to mention many of those tickets — could be sold off to cover his expenses. (Lopez might have to do that anyway, telling reporters that he still owes more than $100,000 in student loans.)

Lopez being essentially punished for what so many saw as a good deed and selfless act makes for a troubling epilogue to a nice story.

But maybe there's still a happy ending to come.

Jeter should just pay the taxes. It would be a very classy thing for him to do after the fan returned the ball.

[Ironman140 45]

Two things guaranteed in life

Death and taxes

[slim 1,514]

Jeter should just pay the taxes.

Or the IRS should just keep their nose out of it.

[Zero Sum 305]

Jeter should just pay the taxes. It would be a very classy thing for him to do after the fan returned the ball.

It would... this guy did win this 'prize' and hence it is taxable... the Yankees should offer to pay the taxes.

But I am sure others will say that prizes should not be taxed. I will agree that something like this shouldn't, probably, as long as they can prove it was in exchange for what the person did and not to buy someone's favors (that would be just like what lobbyists do in DC). Lottery winnings? Still on the loop for that, as angry as it might make crybabies.

[SMR 368]

I have a problem taxing prizes for their "cash value" when they aren't easily convertible to cash or cash equivalents. This probably extends to things that cannot be divided, like a baseball. What if, for instance, he had decided to keep the ball but not sell it? Would be be on the hook for the taxes on $250,000?

[slim 1,514]

this guy did win this 'prize'

It's no more a prize than having a kid.

I don't know why that gets you off the hook for paying taxes yet catching a baseball puts you on the spot.

I have a problem taxing

I have a problem taxing anything at the federal level.

[Zero Sum 305]

It's no more a prize than having a kid.

I don't know why that gets you off the hook for paying taxes yet catching a baseball puts you on the spot.

I have a problem taxing anything at the federal level.

If you pay attention to the story (try)- the possible tax would come on the prize given him by the Yankees, not for catching the ball.

[Sergi9 110]

I have a problem taxing prizes for their "cash value" when they aren't easily convertible to cash or cash equivalents. This probably extends to things that cannot be divided, like a baseball. What if, for instance, he had decided to keep the ball but not sell it? Would be be on the hook for the taxes on $250,000?

No you only pay the taxes when you realize the gain

[slim 1,514]

If you pay attention to the story (try)- the possible tax would come on the prize given him by the Yankees, not for catching the ball.

If you had any deductive reasoning skills at all you would be able to connect catching the ball with being given all those "prizes" by the Yankees. Or was it "get free luxury box for the rest of the season" night?

I'm guessing catching that ball had at least a little bit to do with the Yankees' decision to give him those prizes. I know I can't read and I have horrible comprehension skills, but deductive reasoning is something I strive to do. You should take a crack at it. Might just be able to knock one out of the park!

[Fandango 1,439]

If Jeter paid the taxes, wouldn't that be a 'gift' which would then be taxable?

I would have kept the ball and sold it. Yankees suck....go Mets, lolz

[Zero Sum 305]

If you had any deductive reasoning skills at all you would be able to connect catching the ball with being given all those "prizes" by the Yankees. Or was it "get free luxury box for the rest of the season" night?

I'm guessing catching that ball had at least a little bit to do with the Yankees' decision to give him those prizes. I know I can't read and I have horrible comprehension skills, but deductive reasoning is something I strive to do. You should take a crack at it. Might just be able to knock one out of the park!

He would have been taxable for the ball itself one he sold it, as much as he is taxable for the cash value of the box.

Quit being so petty.

[Zero Sum 305]

If Jeter paid the taxes, wouldn't that be a 'gift' which would then be taxable?

I would have kept the ball and sold it. Yankees suck....go Mets, lolz

So would I.

But we will never be friends, for that Mets reference.

What in effect Jeter or the Yankees would have to do is up the tax reimbursement/proxy pay to avoid him having to dime anything.

[Fandango 1,439]

Yankees schmankees!

[slim 1,514]

He would have been taxable for the ball itself one he sold it, as much as he is taxable for the cash value of the box.

What if he would've kept it? What's the cash value of a ball, anyway?

Quit being so petty.

So this is the new, "you disagree with me therefore you cannot possibly comprehend what I'm talking about?"

I don't think I like it so much. Please go back to your other style of not answering posts while simultaneously attempting to insult.