Michael Phelps, after winning his record 20th Olympic medal, probably wasn't thinking about how much it was going to cost him—but it will.
An Olympian receives $10,000 for a bronze medal, $15,000 for a silver medal and $25,000 for a gold medal. That money is taxable. Additionally, there is a value to the medals and Olympians are technically expected to pay taxes on them as well, with the value of the gold in the gold medal upward of $600, according to the Chicago Tribune.
Republican presidential candidate Mitt Romney and Sen. Marco Rubio, R-Florida, both said the tax on Olympic medals and prizes should be waived, the Tribune reports.
