Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 667 other followers

  • Blog Stats

    • 288,497 hits
  • Posts By Day

    August 2012
    M T W T F S S
     12345
    6789101112
    13141516171819
    20212223242526
    2728293031  
  • Subscribe

  • Special Pages

Taxing Olympic Winnings…

Posted by taxguru on August 5, 2012

In response to exaggerated figures floating around the web, Snopes.com has an interesting look at the income tax consequences for those who win medals in the Olympics. 

Basically, the winners do report the cash prizes they receive as income; but their deductible expenses to train, and attend the Olympics would most likely be more than enough to cancel out that income on their tax returns.

 

Sorry, the comment form is closed at this time.

 
%d bloggers like this: