Very important tax question

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Akashic Retard

Akashic Retard

I have a structured settlement and I need cash now
kiwifarms.net
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Mar 19, 2021
Aaron Judge hit his 62nd home run of the season last night, breaking the American League single season home run record. A fan caught the ball, which is undoubtedly going to be valued at a minimum of a million dollars. So I was wondering, similar to winning a new car in a contest, would the fan have to pay taxes on the ball that he got? Is catching a million dollar baseball at a game considered income?
 
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Shig O'nella said:
According to this question from 2011, it's up to the mercy of the IRS. They're mainly concentrating on the other gifts the guy got, but the ball is also a gift and can be counted - or not.

I was bored and you caught my interest enough to look.
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Yeah I actually googled it right after posting and found the same article. It’s an interesting question.
 
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If it's considered a prize, yes it's taxable and considered income. If it's a gift then it shouldn't be taxable until he sells it. I'd personally say it's a prize since the stadium/Judge did not give it to him, he was one of several thousand that grabbed the ball by chance. (While not the same, I'm comparing it to sweepstakes or raffles prizes which are taxable)
 
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