Winning a Gold Medal Can Be Taxing
By Nicole DeRosa, CPA, MAcc, Senior Tax Manager The price tag on victory is not cheap, at least for some. When an athlete wins a medal at the Olympics, that medal comes with significant prize money in addition to the value of the medal itself. Prize money awarded varies by medal type: $37,500 for a gold medal, $22,500 for a silver medal, and $15,000 for a bronze medal. Medals and prize money won by a team are split evenly amongst the team members.
The term “gross income”...
