IRS Wants A share Of Olympic ‘Gold’

I gotta be honest, I never even gave this a thought.  I just assumed that if someone spent their life working extremely hard  and making personal sacrifices to represent their country at the Olympics, it SHOULD get them a pass on taxes if they won a medal.  But just because you are right by the I.O.C. , it doesn’t mean you are good with the I.R.S.   According to USA Today, Uncle Sam grabs a share of your prize money AND a pinch on the value of the medal itself.

A Gold Medal carries a 25-thousand dollar payday, Silver earns the winner 15-thousand and bronze collects ten grand and the government takes it’s cut based on the tax bracket of the winner –from 15% to 39.6%.

As cool as a gold medal is, its actual value is only about 6-hundred dollars but the IRS wants its piece of that too.  A silver medal has a face value of about 3-hundred dollars and a bronze is worth bupkus.

Congress is working to provide relief.