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View Full Version : Taxes on Sports Medals...what do you think?



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FSWer
09-19-2012, 03:43 PM
Ok,I just found this out yesterday,and Im not sure how many (if any) of our Skaters here have had to do this. So,if you have,I would love to hear from you. But...(and as far as I know,this is at least in America) have any of our Skaters here ended up having to pay taxes ontheir Medal once they've won it? Because,from what I've heard,even Figure Skaters do. Also,what is everyone's opinion on this? Do you believe Athletes or Competitors in ANY Sport,should pay taxes on Medals?

aka_gerbil
09-19-2012, 03:54 PM
I don't think they pay taxes on the medal itself; they pay taxes on the prize money or other financial gifts they receive.

rfisher
09-19-2012, 04:24 PM
Actually, they are also taxed on the value of the medal. An Olympic gold medal was taxed at around $300/medal. Silver and bronze were much less. It has to do with the base value of the metal. It's considered income.

brightphoton
09-19-2012, 04:53 PM
Is there a reason that athletes should not pay taxes? I suppose you're saying athletes do not enjoy the privileges of living in a society with roads, libraries, schools, fire stations, police stations, hospitals and healthcare facilities, welfare, unemployment benefits, study grants, etc and thus should not have to contribute to it.

julieann
09-19-2012, 05:11 PM
Is there a reason that athletes should not pay taxes? I suppose you're saying athletes do not enjoy the privileges of living in a society with roads, libraries, schools, fire stations, police stations, hospitals and healthcare facilities, welfare, unemployment benefits, study grants, etc and thus should not have to contribute to it.

Yes, it's a taxable winnings, no different if they won the World Series or if I won the lotto. The difference is what it's worth. Not all medals/earnings are created equal, nor are all athletes.

Cherub721
09-19-2012, 05:15 PM
Is there a reason that athletes should not pay taxes? I suppose you're saying athletes do not enjoy the privileges of living in a society with roads, libraries, schools, fire stations, police stations, hospitals and healthcare facilities, welfare, unemployment benefits, study grants, etc and thus should not have to contribute to it.

I don't think the original poster was saying that. They were just asking for opinions. I do agree with others - it's income, and I see no reason not to tax it.

aka_gerbil
09-19-2012, 05:16 PM
Actually, they are also taxed on the value of the medal. An Olympic gold medal was taxed at around $300/medal. Silver and bronze were much less. It has to do with the base value of the metal. It's considered income.

I obviously did not know that.

If I were in charge, I'd probably say don't tax the medal itself, but do tax the prize money.

maatTheViking
09-19-2012, 05:18 PM
taxes on winnings: yes, it is income.
taxes on medals: wtf, no.

bardtoob
09-19-2012, 05:39 PM
I think this should be in the politics category.

aliceanne
09-19-2012, 07:34 PM
Taxes on the medal seems extreme. It's not as if the medal has a retail value. Some medals might have a value as a collectible, but that isn't automatically true of every medal. As far as the materials in the medal having a value, wasn't tax paid when the materials were purchased?

love_skate2011
09-19-2012, 08:09 PM
I feel polarized to this like in the Olympics, medalists from not so well funded and not so popular sports will only get a short chunk of their money. while I approve of athlets that have so called superstar staus get taxed and earn a lot from endorsements anyways like Bolt, Phelps etc.

leafygreens
09-19-2012, 10:01 PM
The medal is kind of like winning a car on the Price is Right - you still have to pay taxes even if it's not money. Not that I agree with most taxes, but that's another discussion...

johndockley92
09-20-2012, 12:23 AM
taxing on medals seems ridiculous. If there is any tax on the medals, then the host countries should have to pay it.

julieann
09-20-2012, 12:56 AM
taxing on medals seems ridiculous. If there is any tax on the medals, then the host countries should have to pay it.

So is that true if someone from a foreign country comes to the states and buys any precious medal? The USA would foot the bill for the taxes? That's really all the medal is.


The 2012 London Summer Olympic Games will be issuing gold medals that weigh in at 400g

Assuming 92.5% silver content and a silver price of $30 an ounce, this calculates to: 12.86 toz * $30 * .925 purity = $357

Add to this 6 grams of gold which at $1800 an ounce calculates to: 12.86 toz * $1800 = $347

and you get a total worth of $704.

Obviously that is the most expensive medal at this time, depending on the price of medal. It's really a case by case basis.

professordeb
09-20-2012, 01:52 AM
So if someone gets a World Series ring and it's made out of gold with precious stones in it, should that person have to claim it as income and pay taxes on it? If not, then this is a really stupid rule. Actually, I think it's a stupid rule regardless.