Win an olympic medal owe the IRS!

[Lex Concord]

If it is taxed as income, then do you deduct your travel expenses to the Olympics to offset?

Not sure, but I think the USOC covers those costs...

 

[findingZzero]

Back in the day, our coaches told us to abstain prior to competitions...

FIFY

That's because the 'coaches' didn't want any competition (in the village, that is).

 

[04DarkShadowGT]

If you win a gold meal the us pays the athlete something lie 250k. I think they can handle paying 10k for the value of the medal. Its no differen if you are on a game show and win prizes.

Id also imagine all expenses are taken care of. We the people foot the bill for the whole thing.

 

[indykid]

I wish I can remember where I just read it, but there is a congress critter who is drafting a bill to exempt Olympic athlete winnings from taxation. Trying to remember where I saw it.

Found it: http://www.washingtontimes.com/news/2012/aug/1/rubio-bill-eliminates-federal-tax-olympic-medals/

 

[mike8170]

Hookers? Or did you mean " Hook-Ups"? Heard on NPR that the Peking Olympics provided the athletes with 100,000 condoms. London outdid that with 150,000! Back in the day, our coaches told us to abstain prior o competitions...

I definately meant hookers. Why hook-up with someone you might see in another 4 years Awkward......

 

[downzero]

There's been a lot of bad tax advice going around. This is among them; I'm surprised a tax lawyer hasn't called them out on it. Actually, I'm not so surprised; Circular 230 sucks.

 

[Hammerhead]

Actually, I've read in several publications that the .gov does not subsidize the athletes unlike other countries. It's all endorsements, sponsors and what not.

 

[theweakerbrother]

But don't feel too sorry for them... From the article:

That sounds dangerously close to class-envy. I feel badly for anyone who is unfairly taxed on earnings... they earned this, there should be little or even no tax for it.

 

[BigMatt]

They didn't win that medal!

I nominate LEaSH for post of the year!

 

[jayhawk]

It works the same way that when I eat in a restaurant and enjoy a really good meal, I don't waste my time congratulating the cook, but rather come to the conclusion that it must have been a damned fine truck that hauled the food there!

(assume purple as needed)

Or the one that photographers constantly hear:

"Your camera takes really good pictures!"

 

[Blackhawk2001]

Damn right, just ask Mitt.

See for yourself at about 1:40 into the video below.
http://youtu.be/S8Yp9SVSWJU

There is a whole world of difference, in my mind, between acknowledging the contributions of others in the work involved in becoming an Olympic-quality athlete and implying that a business owner couldn't have been successful without the government's intervention.

One statement is commending the "team" that even individual athletes need to excel, the other is a shameless simplistic (and largely false) advertisement for government interference in businesses which primarily succeed or fail (and mostly fail) on the efforts the business owner puts into them.

 

[jeremy]

Actually, I've read in several publications that the .gov does not subsidize the athletes unlike other countries. It's all endorsements, sponsors and what not.

Really, what about the ones that are in the Military...

 

[04DarkShadowGT]

Actually, I've read in several publications that the .gov does not subsidize the athletes unlike other countries. It's all endorsements, sponsors and what not.

Not sure but what I do know is there was an olympic wrestler on the Howard Stern Show the other day and he said that if he won gold the US would give him a check for $250,000. Unless he misspoke and it really was from sponsors or I missremembered

 

[iChokePeople]

Not sure but what I do know is there was an olympic wrestler on the Howard Stern Show the other day and he said that if he won gold the US would give him a check for $250,000. Unless he misspoke and it really was from sponsors or I missremembered

From USA Wrestling. The honorarium from the USA, as I understand it, is $25k/$15k/$10k. Several organizations, like USA Wrestling, some cycling organization, probably others, have put together donation- or sponsor-funded programs to increase that.

 

[hornadylnl]

There is a whole world of difference, in my mind, between acknowledging the contributions of others in the work involved in becoming an Olympic-quality athlete and implying that a business owner couldn't have been successful without the government's intervention.

One statement is commending the "team" that even individual athletes need to excel, the other is a shameless simplistic (and largely false) advertisement for government interference in businesses which primarily succeed or fail (and mostly fail) on the efforts the business owner puts into them.

https://www.indianagunowners.com/forums/general_political_discussion/226922-government_department_and_agency_game.html#post3160794

 

[MilitaryArms]

Well, I think they should pass a law to make Olympic earnings tax free. But don't feel too sorry for them... From the article:

I don't care about the Olympics or medals they may win. If I'm stuck paying these God awful taxes on everything imaginable, why should someone that gets handed a big hunk of gold for their work be exempted? I've been working my entire life yet they take as much as they possibly can from me and my family... Money we could use for food, clothing, etc.

The Olympics are a colossal waste of money, especially in economic times like these. I see no reason to make special exceptions for athletes. Hell, why don't we pass a law saying NFL players shouldn't be taxed on their earnings because theyre great entertainers and game players too?

Either we all get a much needed tax break or we all pay our dues, I'm not in favor of creating special classes of people exempting them from taxes when my family suffers under them daily. Change the system so we all see tax relief.

 

[spearheadersarge]

I would think so. Deduct travel, food, booze, hookers.........etc.

I don't think you can deduct for that! That's funny though!!!

 

[terrehautian]

snopes.com: U.S. Gold Medal Winners Pay $9,000 in Taxes?

 

[spearheadersarge]

"Either we all get a much needed tax break or we all pay our dues, I'm not in favor of creating special classes of people exempting them from taxes when my family suffers under them daily. Change the system so we all see tax relief."

Here-in lies the difference between the libs and the repubs. The libs don't want tax relief for all. They want to steal from the well off to give to those not willing to support themselves. The repubs want the Bush cuts to be permanent. That position is not acceptable to the libs because it means they cant keep spending money! Why has Obama been able to have 4 trillion+ dollar deficits during his adminstration? The dems could never have enough tax revenue for all th spending they want to do! We already take in about 2.3 Trillion in revenue as it is. How much is enough? What level of spending is adequet? Each is a valid question. Every voter must decide which it is going to be. The stakes couldn't be more grave for our country.

 

[Blackhawk2001]

https://www.indianagunowners.com/fo...t_department_and_agency_game.html#post3160794

That's certainly his opinion. I don't share it. If a business has a viable product and plan, risk capital can be found to start it up. Government doesn't need to be involved in picking winners and losers in business.