Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

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.

 

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