IRS Taxes Olympic Medals: "As we watch U.S. Olympians competing in what, for many, is the fruition of a lifetime of effort and focus, it's sobering to remember that the IRS is watching too. The medals these athletes win as they represent the U.S. will be taxed as income under current law.
According to U.S. tax law, Olympians must add the value of their medals to their taxable income and are therefore liable for a tax of up to 35% on medals they receive from competing."
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