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Victory Tax, really?
Aug 18, 2016 16:49:37 #
aggiedad wrote:
Perhaps the celebrities who win oscars, etc. etc. should be taxed on their trophies and the goodie bags they receive. After all, are they not professionals also?
Actually, the Olympians are allowed to be professionals now and are being paid very well. NBC announced today, commenting on how athletes can compete to older ages because they are making a fine living doing it. The example they gave was that Simone Piles is making millions right now, so it isn't but a dent on her to have to include her metals as income. Besides, she won't pay on it anyways when she deducts all her expenses involved in getting the metal anyways. The tax laws will always favor the rich as it always has. With that said, It stinks to be taxing them, I agree. What they went through to earn those metals is a lot more than their monetary value. And besides, they are a reward, not income, technically. But you know the dear old IRS; they do as they please wether what they do is legal or not; just as the rest of Washington does. Wake up and start voting out the establishment but get in new blood in Washington and until we do that things will not change.
Aug 18, 2016 16:51:13 #
One Rude Dawg wrote:
They sleep at night because they are politicians. They are amoral slime that don't give a shit about anything except them selves and getting reelected. 
Aug 18, 2016 17:00:18 #
PhotoPhred wrote:
I think it is a disgrace that our Olympic medal wi... (show quote)
Probably not really. Where did you hear of such a thing?
I am sure the actual value of the medals (cost to produce) is well under $600. Thus there is no requirement to report as income.
I suppose if one sold at, for example, public auction then the net gain, if over $600, would be reportable and taxable.
That is for the US. Don't have a clue about other countries.
I doubt most of them would sell for over a few hundred dollars anyway. Some, e.g. Phelps or Bolt, might go for much more. Kind of like signed baseballs.
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Aug 18, 2016 17:06:05 #
MtnMan wrote:
Probably not really. Where did you hear of such a ... (show quote)
Ah, I see. There isn't a tax on the medals. The medals come with prize money. (I didn't know that.) Of course it is taxable.
Another case of people believing headlines and not investigating. Rule one for me is disbelieve all headlines and most media stories until confirmed...and not by other media repeating the same stuff.
Aug 18, 2016 17:08:50 #
Aug 18, 2016 17:11:32 #
tusketwedge wrote:
Do you really have to pay taxes on a lottery winning? Here in Can. if your lucky enough to win ,the winnings are tax free. I believe you have to pay on the earnings of said monetary winning afterwards ,but no big chunk taken out when you get the initial check.
Yes in the US. If you kept track you could deduct the cost of your lottery tickets.
Aug 18, 2016 17:17:21 #
Aug 18, 2016 17:57:42 #
PhotoPhred wrote:
I think it is a disgrace that our Olympic medal wi... (show quote)
I hope the Democrats in the USA don't find out about this. They will try that here next.
Aug 18, 2016 20:56:14 #
FrankR
Loc: NYC
jerryc41 wrote:
Remember the hell they put Jim thorpe through because he did some sort of ad and had to return his medal. It was later restored - posthumously.
If I'm not mistaken, the issue with Jim Thorpe was that one summer he played semi-pro baseball, was paid for it and that's why he was stripped of his medals(s?). That's absolutely rediculous and should never have happened, baseball having absolutely nothing to do with track and field. The worst I ever heard of was with the great Austrian skier, Karl Schranz. Everybody knew skiers were getting paid under the table, but Avery Brundage, head of the IOC singled him out, used the fact that Schranz stood at the finish line of a ski race with his skis facing forward, showing the brand name, the manufacturer must be paying him to do so, so he's a proffesional and banned him from the Olympics. At least that's how I temember it. Dumb beyond belief.
Aug 18, 2016 21:12:38 #
Yes, an American Athlete wins a medal, the US Olympic committee pays them. $25,000 for gold, $15,000 for Silver and $10,000 for bronze. The medals are also taxed. Gold medals - which are mostly made of silver with a gold plating - are worth roughly $600 based on current commodity prices, silver medals are worth close to $300, bronze medals - which consist mostly of copper - have barely any monetary value, approximately $4.
But this is peanuts to what some countries pay:
Many countries pay their competitors upwards of six-figure bonuses for bringing home the gold.
Some countries like Kazakhstan pay their gold medalists $250,000.
Other countries like Malaysia, which hasn’t seen a gold medal come home since 1956, guarantee their athletes a solid gold bar worth $600,000.
But some countries like Great Britain — which doesn't pay their athletes at all — are not that generous.
But this is peanuts to what some countries pay:
Many countries pay their competitors upwards of six-figure bonuses for bringing home the gold.
Some countries like Kazakhstan pay their gold medalists $250,000.
Other countries like Malaysia, which hasn’t seen a gold medal come home since 1956, guarantee their athletes a solid gold bar worth $600,000.
But some countries like Great Britain — which doesn't pay their athletes at all — are not that generous.
Aug 18, 2016 23:54:43 #
budjordan1
Loc: Pittsburgh, Florida
Lets see now, while they are training for 4 years, the rest of us have to work to make a living. Who is paying them while they are training? I think a brain surgeon is a hell of a lot better person to honor then these rich kids.
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Aug 19, 2016 00:25:18 #
budjordan1 wrote:
Lets see now, while they are training for 4 years, the rest of us have to work to make a living. Who is paying them while they are training? I think a brain surgeon is a hell of a lot better person to honor then these rich kids.
Rich kids is the truth. Most come from very wealthy families where the parents have prepped their kids practically from birth to be an Olympian. A poor kid would never ever get anywhere to the point of being able to compete to make an Olympian team. Of course there are exceptions that pop up sometimes, but few and far between and many that do never have the money to get to the Olympics. Just listen to all the athletes stories; so many from Sanford and other elite universities. Poor kids don't get to go to these schools. It starts even as early as little league, where all the rich kids get to be on all the better teams and later the major leagues, favored over poor kids that are far better athletes.
Aug 19, 2016 07:26:30 #
MtnMan wrote:
Yes in the US. If you kept track you could deduct the cost of your lottery tickets.
Right, but the deductible losses can exceed the gains.
"Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions."
Aug 19, 2016 09:50:26 #
bobmcculloch wrote:
Lets replace all of congress, with people that have worked and earned their money, eliminate their salaries and preferential items such as medical plans.
About the medals, I can understand the case for taxing them as income...but , let the athletes deduct the cost of their training as a business expense. Just my take on things, Bob.
About the medals, I can understand the case for taxing them as income...but , let the athletes deduct the cost of their training as a business expense. Just my take on things, Bob.
Agreed !!!!!!!!!!
Aug 19, 2016 11:20:10 #
jerryc41 wrote:
Right, but the deductible losses can exceed the gains.
"Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions."
"Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions."
Have you ever seen a tax deduction that didn't favor the government and always screws us; unless you are a corporation of course and big enough to apply their exclusive benefits.
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