August 7th, 2012 by Nick Green
205 countries sent athletes to compete in the London games and depending on what country is sponsoring you, a gold medal could mean a lot more than Olympic pride. Some of the most competitive countries reward podium visits with thousands of dollars, but that comes with significant tax burden.
Above is a sampling of gold medal incentives and the taxes those winners could owe.
Convey provides tax information reporting services and software to businesses to make IRS compliance clear and uncomplicated. U.S. federal tax advice contained in this web site is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter that is contained in this document. (iii) The taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.