The Chronicle of the Horse
MagazineNewsHorse SportsHorse CareCOTH StoreVoicesThe Chronicle UntackedDirectoriesMarketplaceDates & Results
 
Results 1 to 12 of 12
  1. #1
    Join Date
    Mar. 12, 2006
    Posts
    2,171

    Default Paying taxes on a medal?

    Is this true? I heard a blurb on the radio that each medal is taxed as a gift. Doesn't sound right or fair.
    "All top hat and no canter". *Graureiter*



  2. #2
    Join Date
    Feb. 9, 2000
    Posts
    2,498



  3. #3
    Join Date
    Dec. 20, 2009
    Posts
    3,416

    Default

    Its not the medal itself that is taxed, it is the prize money that comes with it. Not 100% sure on the amounts, but something like $25,000 to winner, $15k to silver and 10k to bronze. Taxed as ordinary income.
    We don't get less brave; we get a bigger sense of self-preservation........



  4. #4
    Join Date
    Mar. 12, 2006
    Posts
    2,171

    Default

    I didn't realize they won money with each medal. Interesting.
    "All top hat and no canter". *Graureiter*



  5. #5
    Join Date
    Feb. 9, 2000
    Posts
    2,498

    Default

    The article says the value of medal itself could be taxed, at up to $200.



  6. #6
    Join Date
    Jul. 19, 2007
    Location
    Michigan
    Posts
    10,639

    Default

    The medal contains actual gold. Checked the value on even an ounce of gold lately? The IRS will take a cut of absolutely ANYTHING if given half the chance.



  7. #7
    Join Date
    Dec. 20, 2009
    Posts
    3,416

    Default

    Many of the winners are going to get far more than this, at least short term, for endorsements, commercials, etc. And quite honestly, many of them are professionals anyway.
    We don't get less brave; we get a bigger sense of self-preservation........



  8. #8
    Join Date
    Apr. 5, 2012
    Posts
    308

    Default

    What about when a team wins a medal? Do they split that $25k as a team or is each one getting $25k? Who is paying??



  9. #9
    Join Date
    Dec. 20, 2009
    Posts
    3,416

    Default

    EACH medal winner gets the $$, so if its a team gold, each team member gets $25k. The money comes from the US Olympic Committee, which is a non-profit organization, and gets its funding through individual and corporate donations/sponsorships.
    We don't get less brave; we get a bigger sense of self-preservation........



  10. #10
    Join Date
    Oct. 20, 2008
    Location
    Sunshine State
    Posts
    2,215

    Default

    We regularly got taxed for the crystal chachkees we got from my previous employer as awards/gifts. Congrats on a stellar quarter. Here's your crystal trophy. You're being taxed for the $200 that thing cost us!
    The rebel in the grey shirt



  11. #11
    Join Date
    Apr. 15, 2008
    Posts
    3,274

    Default

    --and I saw at least three pieces of legislation to nix the tax.

    (and now I guess I understand why our office tchotchkes are so cheap. )



  12. #12
    Join Date
    Aug. 21, 2011
    Location
    Connecticut
    Posts
    223

    Default

    Snopes.com looked into it. Here's what their researchers found:

    http://www.snopes.com/politics/taxes/olympics.asp



Similar Threads

  1. Those Who Take the Most and Pay the Least Taxes
    By Beentheredonethat in forum Off Topic
    Replies: 129
    Last Post: Jan. 3, 2012, 12:18 AM
  2. Childrens Hunter/Juniors, THIS Medal/Maclay/Medal
    By bhrunner06 in forum Hunter/Jumper
    Replies: 6
    Last Post: Jul. 18, 2010, 10:57 AM
  3. Should Churches Pay Taxes
    By stonzthrow in forum Off Topic
    Replies: 32
    Last Post: Feb. 15, 2010, 09:57 AM
  4. Anyone do their own taxes?
    By Beam Me Up in forum Around The Farm
    Replies: 7
    Last Post: Nov. 29, 2009, 01:04 AM
  5. Question about Taxes and paying yourself
    By aspenlucas in forum Off Course
    Replies: 19
    Last Post: Feb. 18, 2009, 10:36 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •