All posts in " Olympics "

U.S. Olympians Are Taxed on the Value of Gold in Medals

August 25, 2016

Believe it or not, someone can work hard to get into the Olympics and if they win the gold or silver medals, the Internal Revenue Service (IRS) is there waiting for their cut. Yes, American Olympians must pay taxes on the value of the medal. They also need to pay taxes on their prize money. […]