Filed under: Taxes
Team USA's biggest winner of the London Olympic Games may be the IRS.
Our Olympic medalists will rake in handsome rewards for representing their country, but they will also have to give a chunk back to Uncle Sam in taxes, notes the Americans for Tax Reform Foundation.
Under U.S. tax law, they must include the value of their Olympic medals and prizes in their taxable income. The precious metal in the medals is worth about $675 for gold, $385 for silver and under $5 for bronze. But medalists...
How the IRS Takes the Gold After the Olympics originally appeared on DailyFinance.com on 2012-08-03T16:00:00Z.
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