Gregory Polanco Gamer Auction - 1st Ever Uni

gemint

Pirates charities is auctioning game worn uniforms from today's game to support the Wounded Warrior project. This happens to be five tool prospect Gregory Polanco's first MLB game. It's up to $14.2k so far. It will be interesting to see how high it goes. No I don't own this auction item. As a comparison, McCutchen's uniform is only at $3k.

Polanco Auction

esquiresports

Wow, that's pretty amazing. Another Pirate - Barry Bonds - I have a game worn rookie jersey of his from the first two months of his rookie year (impossible to say if he wore it for his first game). Was less than Polanco's. It's going to be moving to a new home though to fund some other acquisitions.

gemint

<< <i>Wow, that's pretty amazing. Another Pirate - Barry Bonds - I have a game worn rookie jersey of his from the first two months of his rookie year (impossible to say if he wore it for his first game). Was less than Polanco's. It's going to be moving to a new home though to fund some other acquisitions. >>



I wonder if he can fit into his rookie uniform? Maybe now that he's been out for years and has shrunk back to human size.

gemint

Sold for $26100. Not bad for a player who's only appeared in a few games! I wouldn't be surprised if Tull won it.

esquiresports

Whoa. Only a handful of HoF-ers have jerseys that go that high. Impressive. Purchaser gets a tax deduction equal to price paid less tru value, so for an upper-bracket taxpayer, that cuts about $9K off the price. Still a huge number.

gemint

<< <i>Whoa. Only a handful of HoF-ers have jerseys that go that high. Impressive. Purchaser gets a tax deduction equal to price paid less tru value, so for an upper-bracket taxpayer, that cuts about $9K off the price. Still a huge number. >>



Can they? I thought since they are getting a tangible asset for their donation, it isn't tax deductible.

esquiresports

I thought you could claim the difference between amount paid and fair market value, but I may be mistaken. Maybe CPAMike can chime in.

lahmejoon

Deduction would be allowed to the extent the bid exceeded the fair market value. However, with an item like this, one would argue that the amount paid was the fair market value because it is unique. Therefore, I would take the position that no deduction is allowed, unless I can find anything in case law that would substantiate otherwise.

gameusedhoop

Anytime I've purchased a game worn jersey through a team charity auction I've received a letter from the charity stating the bid amount and the value of the jersey itself, usually about what the team pays for a customized jersey. My bid amounts are usually in the $400 range, and the jersey value is the same for every jersey sold, no matter who wore it, usually about $200 as I tend to buy more hockey jerseys than anything else.