“Olympic gold is worth $25,000; silver $15,000; and bronze $10,000.
Are they REAL GOLD? Or is this the going rate on eBay?
And a bronze medal is worth a lot less. Is there a cash prize with the medals?”
Yes, there is a cash prize, paid for by the US Olympic Committee, which has been paying cash prizes for medals for many Olympics now.
It’s just normal income like any other bonus a company pays you.
This article is silly, of course you pay taxes on cash income.
Problem is the lump sum and it is taxed as thought you make that much every week. If you have enough money to live on it’s ok as it will come back to you in your return. If you are poor, and they tax you to the max after a medal, it hurts waiting a year to get it back.