As Derek Jeter will soon find out, if there's drawback in receiving tons of expensive gifts this season, it's the considerable taxes that must be paid on these presents.
The retiring New York Yankees captain has been lavishly honored in each city he's visited this year, with everything from a $34,000 watch (courtesy of former teammate Robinson Cano) to a personalized bottle of Napa Valley wine (from the Oakland A's). All told, Jeter received about $33,000 worth of gifts from other teams. And that doesn't even count the items he's received from individuals like Cano.
Not surprisingly, Jeter got the best haul from the Yankees. On "Derek Jeter Day" at Yankee Stadium he received a $600 massage therapy machine, a 10-day trip to Italy and a custom-made Waterford Crystal.
According to Rob Raiola, a certified public accountant who specializes in sports and entertainment, those presents will come with a significant price. Raiola told Bloomberg News that he estimates Jeter may owe as much as $16,000 in taxes when it's all said and done.
While that's almost unthinkable for most of us, for Jeter that amounts to about two innings of work. The 40-year-old is earning $12 million this season.
Jeter hasn't said what he'll do with all of the gifts, but Raiola points out that he could avoid taxation if he rejects them. The donations made to Jeter's Turn 2 Foundation (including a $22,222 check from the New York Mets) are not taxable income.
Jeter has managed to avoid some taxation before, and his primary residence -- a 30,875 square foot mansion nicknamed "St. Jetersburg" -- is not coincidentally in the no-income-tax state of Florida.
Derek Jeter's Retirement Gifts
Los Angeles Angels of Anaheim
True to the Southern California culture, the Halos presented Jeter with a pinstripe paddleboard.
Houston Astros
Keeping with the local culture theme, the Astros gave the Captain a pair of personalized cowboy boots, a cowboy hat and some golf clubs.
Cleveland Indians
The Indians, who play in the city that is considered by some the birthplace of Rock n' Roll, gave Jeter a personalized guitar.
Seattle Mariners
The Mariners presented Jeter with a chair from the old Kingdome, a base from Safeco field and a $5,000 check for his Turn 2 Foundation. Not pictured here is the $34,000 Jay-Z Hublot that Jeter's former teammate, Robinson Cano, gave him.
Cincinnati Reds
During a rare trip to Yankee Stadium, the Reds gave Jeter framed autographed jerseys of Davey Concepcion and Barry Larkin. The frame also included photos from June 3, 2003, the day Jeter was named the 14th Yankees captain before a game against the Reds in Cincinnati.
Chicago White Sox
On behalf of the White Sox, Paul Konerko presented Jeter with a miniature bench made of out bats, balls and bases, U.S. Cellular Field shortstop dirt in a glass container adorned with legendary shortstops' names and a $5,000 check for the Turn 2 Foundation.
Texas Rangers
Jeter got another pair of cowboy boots from Texas' other team along with a framed photo of Jeter and then-president George W. Bush from Game 3 of the 2001 World Series at Yankee Stadium. The former owner of the Rangers was on hand to present the gift to Jeter.
Minnesota Twins
The Twins gave Jeter the last second base from the Metrodome. That bag was used during Game 3 of the 2009 ALDS, when Jeter and the Yankees beat the Twins, 4-1.
Chicago Cubs
Jeter received the No. 2 from Wrigley Field's famed hand-operated scoreboard.
New York Mets
The crosstown Mets presented Jeter with a No. 2 subway mosaic as well as a $22,222 check for the Turn 2 Foundation.
Detroit Tigers
Detroit's tribute was extra emotional for Jeter, who grew up in Kalamazoo, Mich. With Jeter's family on the field, the Tigers presented him with a $5,000 check for the Turn 2 Foundation, a pair of seats from Tiger Stadium and a trio of paintings of Jeter dating back to his high school days.
Oakland A's
In addition to a $10,000 check to his foundation, the A's presented Jeter with a personalized bottle of Napa Valley wine.
Milwaukee Brewers
The Brewers presented Jeter with a bronze replica of his bat, a stay at the prestigious American Club and a round of golf at Whistling Straits in Kohler, Wis.
