Tax
Aug. 20, 2016
Olympic athletes must pay taxes, but should they?
Athletes get $25,000 for gold, $15,000 for silver and $10,000 for bronze. Fortunately, the value of the medals themselves is not income. By Robert W. Wood
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
For most of us, the Olympics offer a short flurry of colorful events, and then go into hibernation again. And the stakes, financial and otherwise, can be big. Successful Olympic athletes can make large amounts of money, on top of the glory. And money inevitably means taxes. Prizes and awards can too.
It turns out that American athletes receive a modest cash prize with their medals. Athletes get $25,000 for gold, $15,000 for...
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