American Olympic Athletes Pay Taxes on Medals and Money

 

Press Information
For Immediate Release
August 08, 2012 
   

 

 
CONTACT: Martha O’Gorman
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martha@libtax.com
 

 

American Olympic Athletes Pay Taxes on Medals and Money 

Liberty Tax Service Infographic Breaks it down   

 

(Virginia Beach, VA)  As the medal count for the United States climbs at the 2012 summer games, so does the tax bill for the medal winners.  They will have to pay taxes on their prize money.  The money is considered taxable by the Internal Revenue Service.  The value of the medals could also be subject to tax.  According to experts at Liberty Tax Service “This could add up to a sizeable amount.  If calculated at the highest rate of 35 percent a gold medal recipient could owe close to $9,000 in taxes.  The value of the medal could be taxed as well.”  

 

The infographic created by Liberty Tax Service illuminates some interesting statistics about taxes on Olympic prize earnings.  

Taxing The Olympians 

 

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