Michael Phelps will now go down in the history books as the most medaled athlete in Olympic history and this year, he’ll also be getting a visit from the IRS.
Yahoo is reporting that medalists not only have to pay taxes of the value of their medals but also on the money awarded to them by the Olympic committee. Reportedly they award $25,000 for gold; $15,000 for silver and $10,000 for bronze. The weekly standard calculates that they tax bill on a gold is $8,986, silver is $5,385 and bronze is $3,500.
Im guessing this is one tax bill happily paid plus gold medalists get millions in endorsement contracts.