Fan Who Caught Jeter's 3,000th Hit May Owe IRS Thousands

stevek · July 11, 2011 11:30PM

Fan Who Caught Jeter's 3,000th Hit May Owe IRS Thousands
Tuesday, Jul 12, 2011 | Updated 9:35 AM EDT

Christian Lopez smiles as he speaks about catching New York Yankees' Derek Jeter's 3,000th career hit ball Saturday. The tax man may be on the hunt for the super fan who caught Derek Jeter's 3,000th hit.

Christian Lopez, 23, recovered the prized ball his father fumbled after The Captain hammered it into their section of the stands in the third inning of the Yankees' win over Tampa Bay on Saturday.

The Verizon salesman from Highland Mills, N.Y., gave the ball back to Jeter, whom he called an "icon," and the Yankees lavished a slew of prizes, including luxury box seats for every remaining home game this season and post-season and some signed memorabilia.

Now the IRS wants a piece. The prizes Lopez received are estimated to be worth more than $32,000 -- and, like game show contestants, Lopez may have to pay taxes on the gifts and prizes because the IRS considers them income.

Some estimate the IRS will put Lopez on the hook for anywhere between $5,000 and $13,000, reports the Daily News.

If it comes down to that, Lopez says he'll pay the tax man because he's not about to relinquish his seats. The young government major says his family and friends will help him out.

"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," Lopez told the News.

The specially marked home run ball Lopez returned to Jeter was estimated to have been worth about $250,000 to $300,000 at auction.

jeffcbay · July 11, 2011 11:39PM

He didn't receive prizes, he made a trade. A trade that he got the short end on. IF anyone owes more taxes, it's the Yankees/Jeter.

digicat · July 12, 2011 12:25AM

<< He didn't receive prizes, he made a trade. A trade that he got the short end on. IF anyone owes more taxes, it's the Yankees/Jeter. >>

IRS can still consider the ball itself to be "income" and ask for taxes based on the ball's estimated value. At least, that's the threat they floated by the guy who caught Barry Bonds' #756 HR ball.

stevek · July 12, 2011 12:47AM

dontippet · July 12, 2011 2:13AM

He won't have to pay taxes based on its estimated value. He will pay taxes on the profit that he received from the sale, which is reportedly $32,000. Why is everybody surprised? Now, I wonder if he can turn this around and say that he donated an item with an estimated value of $250,000, and offset the insuing taxes.

stevek · July 12, 2011 2:26AM

<< He won't have to pay taxes based on its estimated value. He will pay taxes on the profit that he received from the sale, which is reportedly $32,000. Why is everybody surprised? Now, I wonder if he can turn this around and say that he donated an item with an estimated value of $250,000, and offset the insuing taxes. >>

Being a sales rep, "Verizon salesman", he will likely writeoff some of that as entertainment expense as well, taking clients to the game, etc.

perkdog · July 12, 2011 4:48AM

LMAO, now if he had a few hundred grand he could pay this bill without worries

Estil · July 12, 2011 5:23AM

Wow, no good deed goes unpunished, huh?

swartz1 · July 12, 2011 9:50AM

it was a gift...end of story...

megatron · July 12, 2011 11:51AM

C'mon...this is all part of Obama's concept of shared sacrifice. We all know that only billionaires and jet owners have luxury boxes. This salesman should suck it up and do it in the name of "shared sacrifice"

jeffcbay · July 12, 2011 12:18PM

Those same billionaires should be able to teach him how to use tax loopholes to pay as little taxes as possible, since that's what they do best.

Someone mentioned that the Yankees said they would pay for his taxes... if that's the case, then wouldn't THAT count as income? I'm confused...

Garabaldi · July 12, 2011 9:04PM

He also said that he owes $100,000 in student loans.

stown · July 13, 2011 6:45AM

<< it was a gift...end of story... >>

Perhaps in Utopia but not here in America.

Did you know that your parents can "gift" you $13K and it would be 100% tax-free? On the other hand, if I (being the kind and generous person that I am) gave you $13K, it would be considered ordinary income to you.

The more you know.

Dboneesq · July 13, 2011 7:39AM

<< 

<< it was a gift...end of story... >>

Perhaps in Utopia but not here in America.
Did you know that your parents can "gift" you $13K and it would be 100% tax-free? On the other hand, if I (being the kind and generous person that I am) gave you $13K, it would be considered ordinary income to you.
The more you know.

>>

Barry .. that is incorrect. You can make a GIFT to ANYONE and EVERYONE if you want to. In addition, the $13K has nothing to do with "Income Tax" ... it's for Gift/Estate tax purposes only. BTW ... your parents can gift you $26K without paying a gift tax or eating into their lifetime credit ... it's $13K from each of them.

MCMLVTopps · July 13, 2011 7:58AM

This guy will soon get "catcher's remorse"...Jeter, "Mr. Wonderful", has yet to pony up any coin, which he could so very, very easily do to both calm down the IRS issue and pay this guy's student loan debt.

I suspect that he does indeed have an imputed value in the suite the Yankees have given him for the remaining season. IMO this guy, while somewhat commendable to be so kind to the uber-millionaire Jeter, will rue the day he handed that ball over.

Remember when Oprah gave away all those cards to the audience? Each recipient (if memory serves), had to shell out $6k++ to the IRS...a sombering thought to many I'm sure.

Yet another reason why this country should go to a more realistic taxation, like a flat tax.

Fan Who Caught Jeter's 3,000th Hit May Owe IRS Thousands

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