Olympian income

[justalayman]

What is the name of your state (only U.S. law)? federal

Things I didn't know:

a Olympic gold medal winner gets a $25,000.

apparently the medal itself is considered to be "income" and is taxed.



http://www.weeklystandard.com/blogs/go-gold-pay-irs_649187.html

 

[davew128]

What is the name of your state (only U.S. law)? federal

Things I didn't know:

a Olympic gold medal winner gets a $25,000.

apparently the medal itself is considered to be "income" and is taxed.



http://www.weeklystandard.com/blogs/go-gold-pay-irs_649187.html

Of course it should be noted that the IRS didn't state this, a group did. While the law states the value of a prize is taxable income, using the current value of precious metals to value an olympic medal is, shall we say, inappropriate.

 

[justalayman]

Of course it should be noted that the IRS didn't state this, a group did. While the law states the value of a prize is taxable income, using the current value of precious metals to value an olympic medal is, shall we say, inappropriate.

why? a medal has no intrinsic value as a medal but it does have value as a raw metal. Maybe I should ask my employer to give me a medal for my grand quality of work for any amount over minimum wage. That way I wouldn't have to pay taxes on anything over minimum wage, right?

 

[Silverplum]

why? a medal has no intrinsic value as a medal but it does have value as a raw metal. Maybe I should ask my employer to give me a medal for my grand quality of work for any amount over minimum wage. That way I wouldn't have to pay taxes on anything over minimum wage, right?

I also read the US gives a $25K bonus to each athlete who wins a gold medal, $15K for silver, $10K for bronze. Taxable, I'm sure.

I still prefer my couch and books.

 

[OHRoadwarrior]

Paying taxes on the gold medal sounds impressive, if you hadn't already read this, when it was on Yahoo.

http://money.cnn.com/2012/07/18/news/economy/Olympic-gold-medal/index.htm

 

[justalayman]

I knew they were not solid gold. Didn't realize how little gold there is in one though. Gold is currently worth about $51/gram (US). That makes the gold medal worth at least $300. Obviously not a lot in the overall picture.

 

[tranquility]

Rubio has introduced a bill to make the winning of an Olympic medal a non-taxable event. It must be going to be a close election if the Republicans are scrounging for such a small number of votes. I mean, really, how many would be affected?

 

[justalayman]

Rubio has introduced a bill to make the winning of an Olympic medal a non-taxable event. It must be going to be a close election if the Republicans are scrounging for such a small number of votes. I mean, really, how many would be affected?

so far, 29.

 

[tranquility]

If they only all were from the same state. Maybe, Delaware.

 

[OHRoadwarrior]

Rubio has introduced a bill to make the winning of an Olympic medal a non-taxable event. It must be going to be a close election if the Republicans are scrounging for such a small number of votes. I mean, really, how many would be affected?

By the time it passes, they will likely be making them out of 14k gold plated tin.

The current ones, by the link I provided, are worth about $650, as base metal.

 

[proud_parent]

I also read the US gives a $25K bonus to each athlete who wins a gold medal, $15K for silver, $10K for bronze. Taxable, I'm sure.

That's just what the USOC pays out. Some of the wealthier sports federations have their own incentive programs on top of that.

For example, USA Cycling provides a bonus of $100K for a gold medal; any US wrestler who brings home gold will receive $250K courtesy of the Living the Dream Medal Fund.

 

[proud_parent]

so far, 29.

Some of the medal winners won't be old enough to vote this November.

 

[davew128]

why? a medal has no intrinsic value as a medal but it does have value as a raw metal. Maybe I should ask my employer to give me a medal for my grand quality of work for any amount over minimum wage. That way I wouldn't have to pay taxes on anything over minimum wage, right?

Focus on the first part and not the next.

 

[justalayman]

Focus on the first part and not the next.

like I said; if you want to go with that position, I'll have to see if my boss will honor my work with medals rather than pay (other than minimum wage). That way I can argue there is no real value in the medal and avoid paying income taxes.

The fact remains, the medal does have value on the market, even outside the inherent value as a medal. As such, it would be no different than me giving my kids Krugerrands for their birthdays.

 

[OHRoadwarrior]

Focus on the first part and not the next.

Rick Harrison would give the medal price. Chumlee would give you its weight in gold.