Olympians Could Owe The IRS Thousands In Taxes On Medals, Cash B - Spokane, North Idaho News & Weather KHQ.com

Olympians Could Owe The IRS Thousands In Taxes On Medals, Cash Bonuses

HUFFINGTONPOST.COM - Even an Olympic victory comes with a price. In this case, it's the taxes America's victorious athletes can expect to pay when they return from the games.

Medals and prize money are both subject to income tax, according to the Americans for Tax Reform.

"It's no different from winning Wheel of Fortune or the lottery," Alex Knight, a tax partner at Atlanta's Habif, Arogeti & Wynne, told Reuters. click here to read more

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