Some highly-paid athletes will owe Uncle Sam. As the Olympic Games approach, here’s a look at how the taxman can, and cannot, go for the gold too.
The more than 600 athletes on Team USA converging on Tokyo for the Olympic Games are, by definition, separate and apart from the rest of America’s population.
That means, for example, a dominating swimmer who wins three events would come home with three gold medals, plus $112,500 . The exemption applied to anyone making under $1 million — putting superstar athletes out of contention for the tax break — and it had retroactive effect, meaning it applied to 2016 winners under the income threshold.
America’s Olympic basketball team includes Brooklyn Nets Forward Kevin Durant, who makes $75 million in combined on- and off-court earnings, according to Forbes. Portland Trail Blazers point guard Damian Lillard is another member of the team. He makes a combined $40.5 million, according to the Forbes list.
Generally, most states levy income taxes on residents and non-residents who are making money within the state’s borders. But states have all kinds of timelines for when taxation starts, and various “reciprocity” deals with nearby states. Some athletes may be able to deduct work expenses When workers tried to see if they could write off the spare screen or comfy chair they purchased in 2020 for their makeshift pandemic home office, they may have been disappointed to learn there was no tax deduction available for those expenses.
Some examples could include the travel costs to get to the film set for a commercial, the fee to pay an agent and even the cell phone costs to talk with an agent, Johnson said.
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