The United States has been doing pretty well in the 2016 Summer Olympics, held this year in Brazil. As usual, the United States leads the medal count, including for Gold, helped along by great performances by the United States swim and women’s gymnastics teams. But what happens after the Games end and the athletes go home with their medals? The reality of the situation is that they will likely owe taxes on their medals and their prize money. U.S. Citizens are Taxed on Foreign Earnings One of the first things to understand is that the United States imposes a tax on all […]

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