Perhaps you haven't heard this story yet, but it started even days before the Mets fan caught Barry Bond's record-breaking ball.
"As soon as 21-year-old Matt Murphy snagged the valuable piece of sports history Tuesday night, his souvenir became taxable income in the eyes of the Internal Revenue Service . . . Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value. Capital gains taxes also could be levied in the future as the ball gains value."
So congrats on owning a piece of history. The IRS owns you. And they don't want you to know how bad they own you. Even though it would be a debatable part of the tax code, the agency is betting the guy doesn't get a good lawyer.
"The IRS seems reluctant to clear up the confusion. With six-figure treasures so rarely falling out of the sky, the agency declined to comment Wednesday on what regulations would apply and whether they would be enforced in the case of the Bonds ball."
God bless America. Death and taxes. Yada, yada, yada. Full article here.