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Technically, A U.S. athlete should include the value of an Olympic medal (about $600 for a gold) on his or her tax return but practically speaking, the IRS would never initiate an audit for not doing so. The prize money that accompanies an Olympic medal is taxable income but can be offset by training expenses etc. Sen. Marco Rubio has introduced a bill to make Olympic medals and prize money non taxable.Not America. We actually treat our Olympic athletes like shit.
I did a study abroad program in Australia that was about studying the sports of Australia. They commit a lot of money to giving their athletes the best stuff money can buy and let them live at the facilities.In America the athletes get nothing from the government and are actually taxed for importing precious metals when they bring home gold
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