Congratulations, Guys! But Beware, The IRS Is Waiting! Should Olympians Have To Pay Taxes On Their Medals? Really????

by Zammo Posted 2012/08/02 12:26:06

Related Topics: Sports, IRS, taxes, Pay

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4 votes
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	Yes	1 vote	25%
	No	3 votes	75%

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ehrhornp 2012/08/30 20:13:48

No

But they should pay taxes on the resultant earnings and endorsements.

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ahhaterry 2012/08/02 12:44:19

Yes

Oh hell yes! Achievement comes in all degrees and all walks of life... these folks are now a business... shoe and cereal promo deals... millions being raked in....

I work my ass off to reach a certain level of success in my field. No one questions whether or not I should I pay taxes... so until Income Tax is abolished... ya play, ya pay

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ahhaterry to ahhaterry 2012/08/02 12:48:04

btw, with the (horrific) onslaught of ObamaCare, the IRS's influence will grow big time... as will their bureaucratic structure...

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Zammo to ahhaterry 2012/08/02 12:48:36

+1
I didn't mean for their earnings in later commercial enterprises. I was referring to the actual medals.

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ahhaterry to Zammo 2012/08/02 18:13:54

What? They make money for winning a medal? I thought Olympians were non-professional athletes... sorry, I appear to be confused on that point...

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Tom to ahhaterry 2012/08/02 21:06:16

+1
Apparently the US athletes will get a cash bonus based on the medal they win. I would agree that they could be taxed on that bonus.

They also get taxed on the value figured for the medal itself. That's just ridiculous, but I believe it amounts to taxes of $2-3 for a gold medal so it isn't worth worrying about (on either side).

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ahhaterry to Tom 2012/08/03 00:17:38

+1
Oaky. Our government at work haha. Hey, thanks for the info Tom

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Zammo to ahhaterry 2012/08/03 14:12:38

+1
I didn't realize that either. It's like an award that goes with the medal. I think it should be treated like a gift. For instance, when a man gives his fiance an engagement ring, should she have to pay taxes on it? I should hope not.

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ahhaterry to Zammo 2012/08/06 09:03:05

+1
Just saw on the news. Today's medals are not pure gold. But each is worth around 900 bucks... That sound about right?

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Zammo to ahhaterry 2012/08/06 13:15:48

I guess. I missed that detail.

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