Athletes can't Beat Out Olympic Tax

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The Rio Olympics wrapped up Sunday night and the United States will go home with 121 medals. 46 of them are gold.

But as athletes come home after racing to beat their competitors there's one thing none of them can out run..... Uncle Sam.

Believe it or not Olympic athletes have to pay taxes on their medals as well as the prize money awarded them by the United States Olympic Committee.

They get $25,000 for gold, $15,000 for silver, and $10,000 for bronze... All taxable.

"The gold medals and the prize winning it is a prize they win, and any prize would be taxable to you. Like if you won a car from your employer the value of that would be taxable" says Betty Trout a Manager at H&R Block.

The gold medal itself is worth about $600.



 
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