Ken Goldin of Goldin Auctions previews vintage baseball memorabilia up for auction on “Varney & Co.”
Cory Youmans may have snagged a six-figure tax bill when he caught Aaron Judge's record-breaking 62nd home run Tuesday night at Globe Life Field in Arlington, Texas.
It all depends on what the Fisher Investments vice president plans to do with the historic ball: give it to Judge and the New York Yankees, keep it himself or sell it for potentially millions of dollars. Memory Lane President JP Cohen told the New York Post the ball is worth at least $2 million.
Media reports Tuesday night said the Dallas man has not made up his mind. Youmans is married to sports reporter and former "The Bachelor" contestant Bri Amaranthus.
Keeping the ball
The tax rules for caught balls are as confusing as rules for the infield fly rule. The IRS, which declined comment, has never stated its position on whether a ball becomes taxable when it leaves the stadium or when it's sold by the fan who caught it. The service has only said that balls returned to the team are not taxable to the fan.
Some tax experts say catching a ball is a taxable event. They point to a 1969 court case, Cesarini v. United States. A federal judge decided $4,467 found inside an old piano was a taxable "windfall" much like winning a prize.
"In most cases, a fan who simply holds onto a home run ball from a record-setting game or player’s 600th home run (for example) typically won’t owe taxes as long as they hold onto the ball," she told FOX Business.
If you keep the ball until you die, your estate may owe tax, but Pickering says that only comes into play if your estate is more than $12.06 million.