re: #167 MsJ

What winnings? So they tax the medals?

I was about to ask about that.

Snopes deals with it:
snopes.com

Origin:One aspect of the Olympic Games many U.S. viewers remain unaware of is the fact that U.S. medalists (like those from many other countries) receive cash prizes along with their medals: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. These rewards are not paid by the International Olympic Committee (which furnishes the medals), but by the U.S. Olympic Committee. Similarly, participants from some other countries receive monetary prizes put up by their home countries’ Olympic committees.

That money is indeed taxable.

The medals themselves are not actually worth very much (the gold medal is mostly silver and only 1% gold). In theory it could be taxed, but it is unlikely the IRS would come after an athlete for failure to claim the medal.

Endorsements on the other hand are worth a bunch of money.