If you’re a dreamer who totes a baseball glove to a ballgame and seeks bleacher seats in hopes of catching a home run ball, you may want to consider the tax implications of your whimsy. The man who chased down the home run ball that was Derek Jeter’s 3,000th hit — and gave it back to Jeter — may face financial peril because of the windfall of swag the Yankees showered upon him. The IRS may consider the free season tickets and signed merchandise the team gave the man to be taxable income.
catch and release
By July 12, 2011