The Olympics: How the IRS Wins Too!

The Olympics: How the IRS Wins Too!

Who thinks about TAXES during a time when incredible athletes from all over the world get together to compete in events for a few weeks every four years? You and I may not, our fellow American Olympians may not, but the IRS does!

The value of a gold medal for the 2016 Summer Olympics is approximately $600. Well, technically they’re made of gold and silver.

However, it isn’t the current price of gold or value of the medal itself that our Olympic winners need to be overly concerned about, it’s the value of the medal combined with another benefit that comes along with taking home the gold…prize money that may accompany each medal.

The U.S. Olympic Committee reportedly awards our gold medal winners $25,000, $15,000 for silver and $10,000 for bronze. Yes, Olympic winnings are taxable so this is how the IRS “wins” Olympic gold too!

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