Tax issues will undoubtedly arise

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May 18, 2024
5:59:17pm

Underhill All-American

Tax issues will undoubtedly arise

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Underhill

Previous username: ColoSpgs
Bio page: Underhill
Joined: Sep 13, 2002
Last login: Jun 1, 2024
Total posts: 27,251 (43 FO)

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Messages

Author

Time

My guess is that over the next year we will be hearing about legal problems assoc. with NIL. When you start talking the

Zenoch All-American

May 18, 5:57pm

Tax issues will undoubtedly arise

Underhill

May 18, 5:59pm

What tax issues? This is clearly taxable income. That shouldn’t surprise anyone

Ozymandias

May 18, 6:05pm

But it's not W-2 income and many of these athletes have never paid taxes,

califcougar

May 18, 7:00pm

That’s on them. They are adults. I am sure they are getting 1099s and I am sure

Ozymandias

May 18, 7:03pm

It’s definitely on them, but that doesn’t mean tax issues won’t arise

califcougar

May 18, 7:19pm

It will turn these college kids conservative much quicker when they see what

Ojiisan

May 18, 6:05pm

The money they receive has already been taxed. Why the double taxation?

Iman23

May 18, 6:12pm

Who was it already taxed on?

Ozymandias

May 18, 6:14pm

Donors. I thought the donations to the collective are not tax deductible. Is

Iman23

May 18, 6:16pm

Couldn’t a collective gift small donations that would fall under gift exemptions

Iman23

May 18, 6:18pm

Correct about collectives but businesses are deducting for endorsements.

Ozymandias

May 18, 6:26pm

Would love to see the IRS audit these and not allow the business expense

Plato

May 18, 6:44pm

Meh. Hard to value endorsements and image and licenses like this. They’d be

Ozymandias

May 18, 6:54pm

Is definitely income to the players so should be taxed at ordinary income rates

Plato

May 18, 6:43pm

Additionally we'll be hearing how a star NIL player got in big debt, was injured

Forzaitalia

May 18, 7:49pm

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