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If USAG paid for each athletes travel and provided per diem, they may have a claim to the prize money. If that's the case, I would think they'll provide the prize money to the athlete as a training stipend in a manner consistent with NCAA policy.
As far as the medal's value for their content of gold, silver, and bronze......I heard the gold is worth about $625.00 and the silver about $11.00.......no mention of the bronze. I can't believe the IRS would place a "collector's" value on the medals, as it wuld vary by individual athlete, sport, and circumstance. Consider the value of Michael Phelp's 19th medal in swimming as a once in a lifetime opportunity to aquire, and that's only if he'd sell it or leave it to someboy upon his passing who would sell it.
Compare the Phelp's medal to one from......let's say badminton......I don't know too many people who would care to own a badminton for any other reason than it's olyimpic allure.........
I just heard about this. Medals are valued at $25k for each gold. $15k for each silver.... What is up that? Only in America....
Just a side question - are the olympic medals labeled for their events? I thought they were all the same but I have never really looked closely
Taxing prize money? I hear that you even tax lotto winnings in the USA, that must really eat into the prize money.
roughly 50% and it's paid up front, before you get the money... That includes state taxes as well. And if you take the money in a lump sum, you get less than the stated amount (which is figured at 20 year pay-out with time for investment income).
Wo, 50% the lotto must make governments rich, we don't have any taxes on prize money or lotto winnings in Australia.
The government probably should take it, most 'winners' blow the money within five years. The government may as well take a cut and pretend to use it for something positive.