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.
(Excerpt) Read more at sports.yahoo.com ...
