Olympians Could Owe The IRS Thousands In Taxes On Medals, Cash Bonuses

[pinkhamr]

What a load of B.S. !!!!


"Medals and prize money are both subject to income tax, according to the Americans for Tax Reform."


http://www.huffingtonpost.com/2012/08/01/olympians-owe-irs-taxes-medals-cash-bonuses_n_1729486.html

 

[cjjtulsa]

U.s.a! U.s.a! U.s.a!

↑↑↑ Another oddity for this forum: the fact that all caps won't stay all caps. Velly Intelesting....

 

[ripnbst]

How is the metal taxable? I heard the gold medals are less than 8% gold.

 

[TJay74]

The gold metal is 93% silver, some gold and copper. It's value is as stated around $630 which is mostly silver weight.

 

[IndVet]

I thought money earned outside the USA is non-taxable up to a certain amount. The Olympics are in England after all.

 

[ttown]

That's bad but surely these athletes have had training expenses and travel that wasn't paid for they could deduct from their taxes.

 

[MoBoost]

They are sportsmen, not disabled veterans. Cash bonuses can be very substantial.