U.S. Olympic medal winners will owe up to $9,000 to the IRS

[Delmar]

The US Olympic Committee awards prize money to its medal winners - $25,000 (£16,000) for gold, $15,000 (£10,000) for silver, and $10,000 (£6,000) for bronze.

This money is considered taxable income by the US Internal Revenue Service (IRS).

http://www.bbc.co.uk/news/magazine-19101429

I think they just get taxed on the cash prize that goes along with the medal.  

Maybe they would be taxed if they sold the actual medal too?  

edit:  I see that the prize money was addressed in the link.  That's what I get for not reading it first.

[I_B_Perky]

http://www.bbc.co.uk/news/magazine-19101429

I think they just get taxed on the cash prize that goes along with the medal.  

Maybe they would be taxed if they sold the actual medal too?  

I didn't know they got money. I thought since they was supposed to be amateurs, they just got the medal.

[Chris_]

Not according to the article.

they must add the value of their Olympic medals and prizes to their taxable income

I think the current market value of gold is about $1,500 an ounce right now.  If they sold the medal, they would be taxed on it and required to complete a 1099 (again, thanks Obama).

[NHSparky]

Lizzie wants us to be China, she gushes over them at every opportunity.

That's because she's never been there.

One-child policy, choking air pollution, shitty wages, shittier working conditions, and despite her claim that they spend 9 percent of their GDP on infrastructure versus our 3 percent, in real dollar terms we're blowing them out of the water.

And oh yeah--code.  In China?  Surely you jest.  Oh, and what percentage of their population has running water, sewer, and electricity?

https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html

Even with as many power plants as they're building, they still are 10 years away from full rural electrification...they are number 1 in the world in terms of production and consumption of electrical power, but per capita--they're about 1/4 of the average American.

http://factsanddetails.com/china.php?itemid=324&catid=13&subcatid=85

Yeah, real paradise you're pimping there, Granny Warren.

[Delmar]

I didn't know they got money. I thought since they was supposed to be amateurs, they just got the medal.

Now that you know that there's money in it, you better start practicing if you want to be ready for the 2014 Olympics in Sochi, Russia.

[I_B_Perky]

Now that you know that there's money in it, you better start practicing if you want to be ready for the 2014 Olympics in Sochi, Russia.

Well unless they got beer drinking or steak eating as an Olympic event, I'm pretty much out of the running.   

[obumazombie]

Well unless they got beer drinking or steak eating as an Olympic event, I'm pretty much out of the running.   

I'm an olympic caliber olympic event spectator.