The IRS Takes Gold in Rio

America’s Olympic Medalists in Rio will return to an unpleasant reality: a tax bill. Each medalist will be taxed on their award from the U.S. Olympic Committee and the monetary value of the medal itself. The U.S. Olympic Committee awards cash prizes to medal winners in the following amounts: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. According the IRS, all cash prizes and awards are taxed as income earned abroad. The awards are treated the same as a lottery payout or casino…
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