Is this true? I heard a blurb on the radio that each medal is taxed as a gift. Doesn’t sound right or fair. 
Its not the medal itself that is taxed, it is the prize money that comes with it. Not 100% sure on the amounts, but something like $25,000 to winner, $15k to silver and 10k to bronze. Taxed as ordinary income.
I didn’t realize they won money with each medal. Interesting.
The article says the value of medal itself could be taxed, at up to $200.
The medal contains actual gold. Checked the value on even an ounce of gold lately? The IRS will take a cut of absolutely ANYTHING if given half the chance.
Many of the winners are going to get far more than this, at least short term, for endorsements, commercials, etc. And quite honestly, many of them are professionals anyway.
What about when a team wins a medal? Do they split that $25k as a team or is each one getting $25k? Who is paying??
EACH medal winner gets the $$, so if its a team gold, each team member gets $25k. The money comes from the US Olympic Committee, which is a non-profit organization, and gets its funding through individual and corporate donations/sponsorships.
We regularly got taxed for the crystal chachkees we got from my previous employer as awards/gifts. Congrats on a stellar quarter. Here’s your crystal trophy. You’re being taxed for the $200 that thing cost us!
–and I saw at least three pieces of legislation to nix the tax. 
(and now I guess I understand why our office tchotchkes are so cheap. )
