Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Yankee Fan May Owe Back Taxes

By Ralphs Wieben Subscribe to RSS | January 8th 2012 | Views:
loading
 
  



Derek Jeter hit a homerun for his 3000th hit on July 9, 2011 and the fan who caught it discovered he may owe back taxes for what he was given when he gave it back if the “gifts” were not declared. Christian Lopez received numerous gifts for his generosity only to discover a few days later he may have to pay back taxes next year if he was unable to afford the tax bill.

Many people are unaware that gifts are taxable if they are given for something else of value or received as a prize and owe back taxes as a result. In 2004 Oprah Winfrey gave everyone in her audience a car and they found out later that they owed back taxes, as well as penalties and interest, if they did not declare it on their tax returns for the year. Many would not be able to pay back taxes of around $7000 without selling the car.

Mr. Lopez hoped his parents would help him pay back taxes if he indeed owed them, so he could keep what the Yankees gave him for the ball. Their gift would not be taxable because they did not get anything from their son in return. He could owe back taxes of a considerable amount because of the value of what he was given. He was given four front row seats for a subsequent game, each worth $1358.90, as well as three bats, three balls and two jerseys, all signed by Jeter. He also got tickets to all the remaining home games the Yankees would play for the year. If the team played deep into October those tickets would be modestly valued at $50,000 and he might owe back taxes of $14,000 as a result.

The legal question of whether they are a gift or prize is whether the transferor is giving the property out of detached and disinterested generosity. It’s hard to imagine the IRS would consider the Yankees as generous in the transaction (Jeter and the team wanted the ball) so if Lopez failed to declare the items he would owe back taxes and would have to pay back taxes, penalties and interest, until the tax obligation was met to the satisfaction of the IRS. Mr. Lopez said he wanted to at least give his girlfriend one of the jerseys and a bat because she bought the tickets. Whether she might owe back taxes for that gift is a debatable.

Ralphs Wieben - About Author:
Prince Ahmed writes for Community Tax Helpers which offers IRS Penalties and Interest Tax problems with a wide range of services e.g. Release Tax Lien and Tax Settlement Companies.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/mortgage-articles/yankee-fan-may-owe-back-taxes.htm

Related Mortgage Articles Subscribe to RSS

New York Search Engine Optimization helps in developing companies
Published by Ricky Martin on June 25th 2012 | Finance
Companies providing New York Search Engine Optimization solutions in New you're ready to rent extrao...
 
Consumers of debt settlement
Published by Rajkumar Kaushal on May 17th 2012 | Finance
Exceptionally debt management and firms Debt information has become synonymous with keeping people. ...
 
Understanding Christian and credit card debt settlement organizations
Published by Julia Roger on December 14th 2011 | Finance
With increasing debts among the majority of the population, people have started to seek professional...
 
Resolution and reports on debt settlement
Published by Rajkumar Kaushal on April 30th 2012 | Finance
In the world of Debt Settlement report today, there are lots of programming from computer that is ta...
 
Bank debt settlement in America
Published by Govindsingh on June 26th 2012 | Finance
For you to get out of debt settlement bad during settlement of debt in bank is very important. Cashl...
 
Articles that make firms better in debt settlement
Published by Rajkumar Kaushal on May 26th 2012 | Finance
Debt articles and firms that care of debtors is one of those debt settlement we see when it comes to...
 
Getting settlement when it comes to credit card
Published by Rajkumar Kaushal on June 19th 2012 | Finance
Getting settlement when it comes to credit card is not very easy sometimes because of the details an...
 
Consider outsourcing your debt settlement business
Published by John Taylor on December 5th 2011 | Finance
If your business involves debt resolution services, the business may quickly spin out of control due...
 
How to choose the best dividend paying companies
Published by Isol on August 13th 2012 | Finance


Finding and investing in a dividend paying company is quite a bit easier than finding a com...
 
Loans from debt settlement banks
Published by Rajkumar Kaushal on May 30th 2012 | Finance
In the beginning Debt settlement IIc firms that take care of loans started with products that were f...
 
Making debt settlement easier with groups
Published by Rajkumar Kaushal on May 15th 2012 | Finance
Debt settlement forms and articles have become what a lot of people are making use of when it comes ...
 
Maryland debt settlement centers
Published by Rajkumar Kaushal on May 30th 2012 | Finance
Maryland Tips and management in debt settlement centers is one of the management of debt that Tips a...
 
Software collection centers in debt settlement
Published by Rajkumar Kaushal on May 17th 2012 | Finance
Most of us who have gone for reduction in debt settlement problem for debt settlement collector duri...
 
What Commercial Loan companies Need to Confirm Commercial Loans
Published by Timothy Powell on May 21st 2012 | Finance
Commercial loans are most usually utilized to buy commercial buildings or premises for new or establ...
 
The right way of outsourcing debt settlement
Published by John Taylor on December 15th 2011 | Finance
Those that are marketing debt resolution services, after a period may find, that there are far too m...
 
Debt Settlement and its companies
Published by Rajkumar Kaushal on May 17th 2012 | Finance
Debt settlement Colorado has companies of debt settlement which is one debt agency of the state that...
 
Writing a review on debt settlement
Published by Rajkumar Kaushal on April 30th 2012 | Finance
Have you been having problems with your Debt Settlement reviews Now your worries will now be a thing...
 
Pass on your tax settlement issues to attorneys
Published by John Taylor on December 20th 2011 | Finance
It’s best to pass on all your tax settlement issues to a competent tax settlement backend. These b...
 
Let the backend service provider resolve your backend tax settlement problems
Published by John Taylor on December 2nd 2011 | Finance
For the benefit of those that are handling debt resolution services, there are some professional bac...
 
Advice and tips for settlement of debts
Published by Rajkumar Kaushal on June 19th 2012 | Finance
Sometimes, it is when most people are in debt that they start looking for advice. Advice can be expe...