Win an olympic medal owe the IRS!

[Hawkeye]

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.

Can you give us one of those kinky, citey things for those assertions on "we the people" footing their expenses and the US paying $250K to Gold Medal winners?

 

[Hawkeye]

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.

I'm a tax lawyer - but why bother. Tax advice isn't the only bad advice I see around here from time to time. Many people just want to believe what they want to believe. "Don't confuse me with the facts!!"

 

[Lex Concord]

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.

Correct. Much (not sure what percentage) of this - including the 25k for winning the < $700 "gold" medal - is done via the USOC which, while now chartered by congress, is a bona-fide non-profit organization which receives no federal funding.

 

[Yup!]

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

Now, back to the real issues that face our county.

 

[ElizabethO]

I just want to share about what I've read a wile ago. It says that Senator Marco Rubio of Florida (R) released the Olympic Tax Elimination Act, or TEAM Act, last week, directed at exempting winning Olympic players from being taxed on their medals. However, others say the bill is just a back-door approach to pushing his tax reform agenda. Investigate https://personalmoneynetwork.com/

 

[ZombieApocolypse]

Damn right, just ask Mitt.

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

AHAHAHAHAHAHA

Who says Mitty would be any different than Obama?

 

[JettaKnight]

I just want to share about what I've read a wile ago. It says that Senator Marco Rubio of Florida (R) released the Olympic Tax Elimination Act, or TEAM Act, last week, directed at exempting winning Olympic players from being taxed on their medals. However, others say the bill is just a back-door approach to pushing his tax reform agenda. Investigate https://personalmoneynetwork.com/

Rubio's doing this strictly for populism. Instead of adding more loopholes to the tax system he should be pushing for less. There's no reason to add more exemptions and special classes of income. Why is an Olympic athlete's winnings worth more to our society than than, say, a winner at Camp Perry?