gold metals

[jlat]

hello; A co-worker was just telling me that till now the feds where taxing you if you won a gold metal in the olympics. They considered it payment and taxing you on what it's worth. What a bunch of crap. It was told to me now it's not true anymore as they just passed an agreement to change it.
IBBY

 

[WH1_T-Type]

I know they were, haven't heard that they changed it.

Something to consider though, if it is income, then they can write off any travel and other expenses incurred to train for it. So they would be able to write off WAY more than they were taxed for considering how much these people spend on their sport.

 

[salvageV6]

I think the USA Olympic committee and sponsers pay for a lot of meals and travel.

But I'm sure they can write off home equipment and training against it as a cost basis.

Yeah free stuff is taxable just like if you won a car or prize in a lottery or on a game show, it's all the same.

I hate the IRS, it's way too complicated to be honest.

I wonder what the Ebay or scrap value is for a gold one.

 

[Rafs-T-Type]

I wonder if they'll star taxing the first place team in tee-ball next. "Your little metal trophy is worth about ten bucks. Now hand over your lunch money."

 

[750H.P.V6]

I was watching one of those "How it's made" shows on Discovery channel and from what I can tell the medals aren't solid they are made from copper and then plated with gold, silver etc.

Neal

 

[novaderrik]

I think the USA Olympic committee and sponsers pay for a lot of meals and travel.

But I'm sure they can write off home equipment and training against it as a cost basis.

Yeah free stuff is taxable just like if you won a car or prize in a lottery or on a game show, it's all the same.

I hate the IRS, it's way too complicated to be honest.

I wonder what the Ebay or scrap value is for a gold one.

the articles i read about it when this first popped up last week said that the gold medals themselves are worth about $900 just in weight..

 

[jpratt]

the articles i read about it when this first popped up last week said that the gold medals themselves are worth about $900 just in weight..

They also get I think $25,000 for first place. I would consider that income that should be taxed.

 

[Rafs-T-Type]

the articles i read about it when this first popped up last week said that the gold medals themselves are worth about $900 just in weight..

Any mention of whether they get charged by that or their "value"?

 

[krom]

They only tax the prize money given by the Olympic committee.

 

[750H.P.V6]

the articles i read about it when this first popped up last week said that the gold medals themselves are worth about $900 just in weight..

Gold is $1600 an ounce how much do you think they weigh?

Neal

 

[salvageV6]

I'd consider paying $900 for one if it didn't say women's volleyball and I could put MY name on it.

 

[DavzGN]

There is only 6grams of gold in modern gold medals according to the following link.
http://chemistry.about.com/od/metalsalloys/f/How-Much-Is-An-Olympic-Gold-Medal-Worth

David

 

[Red C5]

Gold medal winners get $25,000 which is taxable income. They are also taxed on the value of the medal, which isn't that high. I think in total the tax for combined s around $7k.

 

[TurboTGuy]

If I had a gold metal I would turn it into a accelerater petal and then put that petal to the medal!!!

10-4

 

[750H.P.V6]

If I had a gold metal I would turn it into a accelerater petal and then put that petal to the medal!!!

10-4

You were drinking when you wrote this right?

Neal

 

[Chuck Leeper]

You were drinking when you wrote this right?

Neal

Maybe not, but surely was hitting the bong!!

 

[TurboTGuy]

You were drinking when you wrote this right?

Neal

Nope, just learnin' to spell with Darnell.

 

[Pronto]

Well, you're supposed to list prizes won on your taxes whether it's the lottery, TV or car. Metals are no different. Now I'm sure you could off set that with unrembursed costs to participate in the Olympics.