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Only U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income.

At today's commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5.

There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

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โˆ™ 2012-08-05 06:38:29
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Olympics

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What does the word Olympic mean

What country first proposed the winter olympic games as separate from the traditional olympic games

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Q: Do they have to pay taxes on their olympic medals?
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Related questions

Do olympic athletes have to pay taxes on their medals?

yes, on every medal they win they have to pay taxes on it.


Do Olympic medal winners pay taxes on their medals?

Yes


Do US Olympic medalist pay taxes on medals?

yes


Do Olympic gold medal winners pay taxes on their medals?

Here in Britain the answer is no


Do you have to pay taxes if you win an Olympic medal?

Yes, Olympians must pay taxes on their medals as of now. However, they also receive money for winning medals too. Currently Congress is debating whether Olympians should have to pay taxes.


Do Olympic medal winners have to pay for their medals?

No, usually their countries pay them for winning their medals.


What does India pay for Olympic medals?

money


Do US olympic athletes pay taxes on their winnings?

no they do not have to pay taxes on their winnings.


What taxes do Olympians pay for metals?

... doesn't want Olympic champions to have to pay taxes on their medals. ... to end the taxes on their honorariums and on the value of the metal in their medals." ... Comments are posted from viewers like you and do not always ...Unanswerable. (first by "you" I suspect you mean "everyone"). All taxes are paid by someone, or something (a company for example). But not everyone pays all taxes, certainly not all the time.


Who pay for the olympic americans medals?

The host city is responsible for providing all the medals.


Do gold medal winners pay taxes on their winning?

Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.


Do US athletes receive monetary rewards for winning Olympic medals?

Yes, the US Olympic Committee gives cash awards of $25,000, $15,000, and $10,000 to winners of gold, silver, and bronze medals, respectively. Athletes, as of now, still have to pay taxes on their winnings.

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