View Poll Results: Should U.S. Olympians Have to Pay Taxes on Their Medals

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Thread: Should U.S. Olympians Have to Pay Taxes on Their Medals?

  1. #41
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by MMC View Post
    Olympic Medal? Well Done, Now Pay Your Taxes: Uncle Sam.....

    American medal winners at the Sochi Winter Olympics are liable for taxes on the cash earnings they receive form the U.S. Olympic Committee.



    Those medals Americans have been winning at the Winter Olympics in Sochi come with a price. Uncle Sam wants his percentage, whether it's gold, silver or bronze.

    The U.S. Olympic Committee awards cash prizes to medal winners ─ $25,000 for gold, $15,000 for silver and $10,000 for bronze. But the money is considered earned income abroad and subject to IRS taxation ─ as much as 39 percent.

    That's why some politicians have revived a bill introduced in Congress at the time of the Summer Games in London to exempt those Olympic winnings as earnings. The bill never even came to a vote in 2012.

    Many other nations do not tax Olympians for their medal prizes and some, such as Britain, don't give their medalists cash prizes at all.....snip~

    Olympic Medal? Well Done, Now Pay Your Taxes: Uncle Sam - NBC News


    So what say ye? Should the Olympians be Taxed?
    From the way they were talking about this on the news, the IRS was going to tax our Olympians on the value of the medal. There was no mention of cash prizes awarded to them via the U.S. Olympic Committee. I knew nothing about the cash prizes or awards.

    I was all up in arms and about to blast the IRS and our government for taxing the medals. Seems there is more to this story than what I heard.

    But perhaps the question is, should the country who picked these athletics to represent it in the games tax them for doing so?
    This Reform Party member thinks it is high past time that we start electing Americans to congress and the presidency who put America first and their political party further down the line. But for way too long we have been electing Republicans and Democrats who happen to be Americans instead of Americans who happen to be Republicans and Democrats.

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by Lutherf View Post
    Here's another way to look at this:
    The IOC has decided that a gold medal (which is gold played) must have at least 6 grams of gold and (I'm pretty sure) a silver core. So if your gold plated medal with a silver core weighs out at 8 oz you'd have 6 grams of gold which would be about $260 and 220 grams of silver which would be another $200 or so. I'd have no qualms about claiming that "fair market value" was $500.

    Now, if I sold it to someone.....whole different story.
    Last I checked, the exclusion amounts on a 2555 were hovering around six figures. If that's the case, then they'd have to be a multi-medal winner to be subjected.

    Even if 2555 isn't applicable, I'm guessing that many of these athletes probably used much of their own funds for training, and could use these as a writeoff on a Schedule C to easily zero out.

    Feel free to tell me if I'm wrong.

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by Gipper View Post
    Last I checked, the exclusion amounts on a 2555 were hovering around six figures. If that's the case, then they'd have to be a multi-medal winner to be subjected.

    Even if 2555 isn't applicable, I'm guessing that many of these athletes probably used much of their own funds for training, and could use these as a writeoff on a Schedule C to easily zero out.

    Feel free to tell me if I'm wrong.
    A 2555 probably wouldn't apply because the athlete wouldn't be out of country long enough.

    I also wouldn't use a Sch C unless it was absolutely necessary because they really aren't "in the business" of being athletes unless they're doing it professionally (getting endorsements, appearance fees, etc.). Besides, we want any income to be capital gains instead of SE income, right?

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by Lutherf View Post
    A 2555 probably wouldn't apply because the athlete wouldn't be out of country long enough.

    I also wouldn't use a Sch C unless it was absolutely necessary because they really aren't "in the business" of being athletes unless they're doing it professionally (getting endorsements, appearance fees, etc.). Besides, we want any income to be capital gains instead of SE income, right?
    Yeah that's true. Usually the 2555s I've done have been people actually living abroad and not just going over there to compete for prize money.

    I would think that SE would be more favorable, especially if they can write off a portion of that prize money. That aside, it's the difference between paying 7.65% and 15%.

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    I think it's a bad idea for the government to decide that income from certain sources is special and shouldn't be taxed, but other income isn't. With the exception of federal employees, for whom I see income taxes being somewhat redundant.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
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    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by Deuce View Post
    I think it's a bad idea for the government to decide that income from certain sources is special and shouldn't be taxed, but other income isn't. With the exception of federal employees, for whom I see income taxes being somewhat redundant.
    The issue is how much 'income' do you really receive from getting a medal? It's not like you can walk into the local grocery store and trade it for a cart of groceries.

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by Perotista View Post
    From the way they were talking about this on the news, the IRS was going to tax our Olympians on the value of the medal. There was no mention of cash prizes awarded to them via the U.S. Olympic Committee. I knew nothing about the cash prizes or awards.

    I was all up in arms and about to blast the IRS and our government for taxing the medals. Seems there is more to this story than what I heard.

    But perhaps the question is, should the country who picked these athletics to represent it in the games tax them for doing so?


    Heya Pero. Yeah and we have had a politician come out looking to push legislation to not have them pay a State Tax either. Which her rational used was that there other states without a state tax.

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    They should have to pay the same damn taxes as anyone else who gets $25,000

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by MMC View Post
    Heya Pero. Yeah and we have had a politician come out looking to push legislation to not have them pay a State Tax either. Which her rational used was that there other states without a state tax.
    The way I look at it, the athletes won the medals representing the good old USA, no tax at all on the medals. Now if I understand the money prizes, that was paid by our own Olympic Committee. It wasn't part of the games per se or as a award given by the International Olympic Committee to all Gold, Silver and Bronze winners. It was nothing more than an incentive from the US to US athletes. I really have no problem with taxing the cash in this instance. That is because in my mind, the cash was not part of the International games given to one and all. It was paid by our country to our countries athletes as a bonus so to speak.
    This Reform Party member thinks it is high past time that we start electing Americans to congress and the presidency who put America first and their political party further down the line. But for way too long we have been electing Republicans and Democrats who happen to be Americans instead of Americans who happen to be Republicans and Democrats.

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by Perotista View Post
    The way I look at it, the athletes won the medals representing the good old USA, no tax at all on the medals. Now if I understand the money prizes, that was paid by our own Olympic Committee. It wasn't part of the games per se or as a award given by the International Olympic Committee to all Gold, Silver and Bronze winners. It was nothing more than an incentive from the US to US athletes. I really have no problem with taxing the cash in this instance. That is because in my mind, the cash was not part of the International games given to one and all. It was paid by our country to our countries athletes as a bonus so to speak.

    Heya Pero.....Yeah that's what it is.....the money given out by the Olympic Committee. Yet.....the Brits didn't say if their athletes still collected any prize money. As they don't give that benefit to theirs.

    I think they should be able to classify it as a business. As if they are a Contractor. Write off travel expenses, and whats used for the business.

    Still its not like they aren't getting that free Ride to Stardom.

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