(Getty Images)When Olympic medalists return to the United States, they're in high demand. Everyone, from Michael Phelps to a bronze medalist in judo will be sitting for television interviews, talking to newspapers, going to assemblies at local schools and celebrating with friends, family and young athletes. They'll also draw some unwanted interest from everyone's favorite bureaucrats: the IRS.
Medalists will have to pay hefty taxes for standing on the podium in London. It's not the value of the medal itself that will require a separate line on this years tax returns, it's the tax on the prize money that comes with a gold, silver or bronze.
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The United States Olympic Committee rewards Olympic medalists with honorariums. A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000.
The Weekly Standard,Read More »from Winning a gold medal brings a $9,000 tax bill