In response to exaggerated figures floating around the web, Snopes.com has an interesting look at the income tax consequences for those who win medals in the Olympics. Click here for article.
Basically, the winners do report the cash prizes they receive as income; but their deductible expenses to train, and attend the Olympics would most likely be more than enough to cancel out that income on their tax returns.
Thats the facts Jack.
Thats the facts Jack.
