How much does it cost to WIN a Gold Medal?
Will the government allow our winning athletes to deduct gym time, weight training, medical bills as a business expense, travel and other “business” expenses of these athletes?
How much does it cost to WIN a Gold Medal?
Will the government allow our winning athletes to deduct gym time, weight training, medical bills as a business expense, travel and other “business” expenses of these athletes?
Since a number of these athletes train (or have trained) at TAXPAYER FUNDED schools and colleges, they already have received a benefit from the government.... and any scholarship money received was not taxed
Most of the US swimmers are students and/or graduates of our TAXPAYER FUNDED universities....I know quite a few swam at SEC schools (Florida and Auburn, especially). Even some of the foreign swimmers who are winning medals trained at our TAXPAYER FUNDED colleges
(Michael Phelps is one of the exceptions...he was ineligible to swim competitively at an NCAA school because he had endorsement deals before he was out of HS. He pays the Univ of Michigan to use their facilities)
Outside of the ladies gymnastics and equestrian, most of the US Olympic Athletes have spent a great deal of time training at TAXPAYER FUNDED colleges
And, I am sure Sen Rubio has zero clue that this is what really happens
I'm no tax expert by any means, but if those expenses otherwise qualify as "ordinary and necessary" business expenses under 26 U.S.C. sec. 162, I should think the answer would be yes.
There's nothing at all untoward, in principle, about an Olympic athlete's being taxed on prize monies or bonuses awarded for winning a medal. For Rubio to suggest otherwise is pandering on his part.