U.S. Olympic Medalists Must Pay ‘Victory’ Tax

Uncle Sam still comes for you, even if you're winning Olympic medals in the country's name. Olympic medals and the bonuses—$25,000 for a gold medal, $15,000 for silver and $10,000 for bronze— that the U.S. Olympic Committee awards athletes for landing one of the top spots all count as taxable income to the IRS. Victory bonuses and medals are seen by the IRS as being like any other prize winnings, such as lottery, casino or game show winnings and, thus, are taxable.