Author Topic: Texas Rangers pitcher donates his $9.75million Missouri mansion...  (Read 1398 times)

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Offline stb

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Texas Rangers pitcher Cole Hamels donates his $9.75million Missouri mansion complete with 100 acres of land to a camp for children with special needs and chronic illnesses

http://www.dailymail.co.uk/news/article-5193349/Texas-Rangers-Cole-Hamels-gives-mansion-charity.html

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #1 on: December 19, 2017, 10:34:14 AM »

Offline Moranis

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saw that yesterday.  good on him and his wife.

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #2 on: December 19, 2017, 11:08:43 AM »

Offline KGs Knee

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I wish more rich people would share more of their wealth voluntarily.

Good for Cole.

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #3 on: December 19, 2017, 11:25:34 AM »

Offline kozlodoev

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So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.
(Formerly) managing Rilski Sportist to glory at http://www.buzzerbeater.com

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #4 on: December 19, 2017, 11:34:23 AM »

Offline green_bballers13

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So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #5 on: December 19, 2017, 11:37:33 AM »

Offline jambr380

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So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

I am no accounting expert, but I can't imagine a tax write-off would be more than the actual value of the house.

It's really cool that Camels did this and I agree that it is always admirable when people of means are able to help those in need.

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #6 on: December 19, 2017, 11:38:47 AM »

Offline kozlodoev

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So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.
Because everyone is rounding up here to sing him praises for something he ultimately may have done in his best interest?

It also seems relevant in the context of the fact that some folks here don't believe that taxes should be used to incentivize behavior (even if it might be "helping humanity", I imagine).
(Formerly) managing Rilski Sportist to glory at http://www.buzzerbeater.com

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #7 on: December 19, 2017, 11:42:01 AM »

Offline kozlodoev

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I am no accounting expert, but I can't imagine a tax write-off would be more than the actual value of the house.
Not if you weren't able to sell it. There isn't exactly a ton of demand for large, unfinished estates in the middle of nowhere.
(Formerly) managing Rilski Sportist to glory at http://www.buzzerbeater.com

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #8 on: December 19, 2017, 11:47:54 AM »

Offline GreenShooter

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That is a great piece of property. Good for the kids!

I was also going to post "who is going to pay the real estate taxes?" as a joke but now will abstain from anything related.

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #9 on: December 19, 2017, 11:50:14 AM »

Offline green_bballers13

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So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.
Because everyone is rounding up here to sing him praises for something he ultimately may have done in his best interest?

It also seems relevant in the context of the fact that some folks here don't believe that taxes should be used to incentivize behavior (even if it might be "helping humanity", I imagine).

Children will benefit from his purchase and donation. His tax situation doesn't interest me. Living on planet earth with other humans is better when people help each other, in my opinion.

Can you explain your second sentence? I don't get it. I understand the relevance of taxes in December 2017, given the new legislation. I don't get how such legislation makes it relevant to criticize people for gifting.

Gifting is one of the best parts of the Holiday season. Many people take deductions. Taking a cynical approach to this seems a little Scrooge like, no?

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #10 on: December 19, 2017, 11:51:02 AM »

Offline Vermont Green

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Also not a tax expert but I don't think you need to be to understand this.  I think he makes like $20M per year so most of his income is taxed at 39%.  If he makes a $9.75M charitable contribution, he can reduce his taxable income by that amount.  He will get 39% of the donation back as a tax deduction.

Yes, you can argue if that is the best use of roughly $3.9M of potential taxpayer money "spent" through the tax code but it is still a generous donation.  I am sure that the charity receiving the donation is thrilled.  Better for him to do it now than after this tax "reform" kicks in.

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #11 on: December 19, 2017, 11:52:23 AM »

Offline jambr380

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I am no accounting expert, but I can't imagine a tax write-off would be more than the actual value of the house.
Not if you weren't able to sell it. There isn't exactly a ton of demand for large, unfinished estates in the middle of nowhere.

Seems easy enough to finish off a house - it's not like he doesn't have any money to do so and he wouldn't be doing the work himself.

I guess it depends if the 'value' of the house is considerably more than the actual price he could fetch for it...like really considerably.

My guess is there are some tax write-off benefits, but it is still a very unselfish thing to do. This isn't like Trump claiming a loss that he didn't actually take and then not paying taxes for years - this was actually a house that Camels (yes, I do know the real spelling of his name) purchased and owned.

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #12 on: December 19, 2017, 12:05:01 PM »

Offline green_bballers13

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I think this is a wonderful story. Hamels is publicly donating a lot of money. The more media attention that this gets, the higher likelihood that other rich people will follow in suit and make other generous donations.

I'm making an extra $100 donation this year because of Cole Hamels. I encourage you, Kozlodoev, to follow suit and make a donation that you wouldn't have otherwise because of Cole Hamels.

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #13 on: December 19, 2017, 12:34:03 PM »

Offline KGs Knee

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So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.
Because everyone is rounding up here to sing him praises for something he ultimately may have done in his best interest?

It also seems relevant in the context of the fact that some folks here don't believe that taxes should be used to incentivize behavior (even if it might be "helping humanity", I imagine).

Everybody should want to help those in need. Nobody should be compelled to.

Re: Texas Rangers pitcher donates his $9.75million Missouri mansion...
« Reply #14 on: December 19, 2017, 12:39:06 PM »

Offline kozlodoev

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So he listed the (unfinished) property for sale, but then took it off the market and he decided to all of a sudden donate it? Was that when his accountants figured out the tax write-off will be more profitable than any price it could fetch?

... yes, I am a skeptic.

Why does any of that matter? The end result is that he's helping humanity.
Because everyone is rounding up here to sing him praises for something he ultimately may have done in his best interest?

It also seems relevant in the context of the fact that some folks here don't believe that taxes should be used to incentivize behavior (even if it might be "helping humanity", I imagine).

Everybody should want to help those in need. Nobody should be compelled to.
A tax incentive is not compelling you to do anything. What the heck are you talking about?!
(Formerly) managing Rilski Sportist to glory at http://www.buzzerbeater.com