Paying taxes on olympic medals

[Zippy Chippy]

These medalists better get some good endorsements to pay the taxes on medals.

GOLD : $25000 prize , $8900 taxes
SILVER: $15000 PRIZE, $5300 taxes
BRONZE: $10000 prize, $3500 taxes

[TJDave]

These medalists better get some good endorsements to pay the taxes on medals.

GOLD : $25000 prize , $8900 taxes
SILVER: $15000 PRIZE, $5300 taxes
BRONZE: $10000 prize, $3500 taxes

Medalists pay taxes on prize money, not medals.

Game show contestants do the same. What's the big deal?

[Zippy Chippy]

Medalists pay taxes on prize money, not medals.

Game show contestants do the same. What's the big deal?

Maybe I misunderstood. Gold gets 25k in addition to the medal? I thought they got just the medal that is valued at those amounts

[Striker]

US athletes get $25k for gold, $15k for silver, and $10k for bronze in addition to the medals and do have to pay taxes on the prize money. Every country is different in what they award their medal winners. For example, if you are from the UK and win a medal, you don't get any prize money, but you get put on a stamp. Other examples are Russia gives $125k for gold, and Singapore awards $800k for a gold.

[TJDave]

Maybe I misunderstood. Gold gets 25k in addition to the medal? I thought they got just the medal that is valued at those amounts

I'd be surprised if a gold medal is worth more than a few hundred, given it's gold clad. :rolleyes:

The U.S. Olympic committee awards the cash prizes. Some countries award more...much more.

[Striker]

These medalists better get some good endorsements to pay the taxes on medals.

Gabby Douglas already signed a deal with Kelloggs, hours after winning the gold in gymnastics, and is already on the cover of their corn flakes cereal box.

[Storm Cadet]

And I believe the funds from their placings are paid by the athletes sport federations, not the USOC . The federations (ex USA Track and Field) get paid from individual sponsors, Nike, who then deposits the funds directly to the athletes accounts. Also athletes get their own salaries and any sponsor money directly too. That's why you see many athletes in swimming wearing non issued USA swimsuits...the girl who wore that pink outfit compared to the all black speedo USA ones.

[pandy]

The media reported this inaccurately. They made it sound like they have to pay taxes on the medals but they are actually winning money, and that is income.

[Storm Cadet]

These high level athletes are small corporations. They get endorsement money, appearance fees, performance money, bonuses for country and world/olympic records. That is a reason why these type of athletes never like to bust down a world record that will be untouchable in the future. Beat it by a couple of hundredths each time and the cash keeps coming!

Yes they have to pay taxes, BUT a lot of it is earned overseas and paid out as expense money to avoid the tax man there and here. Many keep foreign bank accounts as well as US accounts.

[rastajenk]

Many keep foreign bank accounts as well as US accounts."What are these felons trying to hide?" - Barack Obama

[Actor]

Medalists pay taxes on prize money, not medals.

Game show contestants do the same. What's the big deal?Right! And if I have a really good day at the track ...