Gold metal tax

[bakerjw]

Here's a good link explaining foreign earned income. IMHO, the IRS has no right to what you earn out of our borders.

 

[hemet dennis]

Here's a good link explaining foreign earned income. IMHO, the IRS has no right to what you earn out of our borders.

I think you forgot the link.

The prize money ($25,000 for gold) and the metal are both taxable. About $8900 for a gold metal.

 

[rebelcowboysnb]

Here's a good link explaining foreign earned income. IMHO, the IRS has no right to what you earn out of our borders.

Yep, no link... It use to be the other way around though. People thought that money coming in to the country should be taxable but money made here should not.

 

[angel8035]

I think the prize should be taxed, but not the gold medal. It's an object, not income. It's like getting a car for a gift. Yes it's WORTH money, but it isn't money.

Heck, I got a $100 gift certificate from my company for my 5 year anniversary and they take taxes out of my check for it!

 

[rebelcowboysnb]

I think the prize should be taxed, but not the gold medal. It's an object, not income. It's like getting a car for a gift. Yes it's WORTH money, but it isn't money.

Heck, I got a $100 gift certificate from my company for my 5 year anniversary and they take taxes out of my check for it!

You would be surprised at how many sell them as soon as they get home...