Posted on 08/15/2016 2:20:04 PM PDT by nickcarraway
Michael Phelps may be untouchable in the water, but even he can’t out-swim the Tax Man.
America’s Olympic medalists must pay state and federal taxes on the prize money they get for winning.
The U.S. Olympic Committee awards $25,000 for gold medals, $15,000 for silver and $10,000 for bronze.
That’s not all.
Olympians also have to pay tax on the value of the medals themselves.
Gold and silver medals are made mostly of silver, while bronze medals are composed of mostly copper.
Rio’s medals are among the largest and heaviest ever and contain about 500 grams of either silver or copper.
The value of a gold medal is about $564; silver is worth about $305.money – around $1 million.
(Excerpt) Read more at kfor.com ...
It’s income.
Except they’re actually quite often sold. It’s amazing 20 years later how few sports stars still own their trophies and rings and other symbols of their success.
....meanwhile Odungo can come up with 1.7 billion to give Iran and no one knows where it came from...Congressman never authorized it and Odungo REFUSES TO SAY.....
Now that feisty little Ping Pong (sorry, Table Tennis)player might need a few bucks.
I just got a notice from the IRS today rejecting my claim to waive an $1,100 late fee for a form I am not even required to file. Yeah, I despise them.
I have no problem with their gains being taxed. Gambling winnings are taxed. My wages and stock gains are taxed. This is what these athletes are doing for a living. Many receive endorsements and other supports. Many are truly professionals so why should they not be taxed like us serfs?
The elite athletes pay nothing out of pocket for their training. Everything is covered, plus they receive a stipend.
I was given a nice engraved desk chair on my 25th work anniversary with my employer. I was told ithe chair was worth $300 and had to pay tax on it.
“Olympians also have to pay tax on the value of the medals themselves.”
GMAFB!
Well said! Thank you!
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