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Post by NativeBeav on Apr 8, 2024 7:32:14 GMT -8
Exactly. Especially the small percentage that end up making it to the next level. And even if they do, the college and NCAA gave them a platform to display and perfect their game. Four years of coaching and facilities at no cost.
If they are going to get additional wages, make them claim all of their compensation, including fringe benefits, like tuition, room, board, books plus wages. Have them pay taxes in every state they play a game. Can you image traitor team players having to pay taxes and file returns in Michigan, Ohio, Alabama, etc? If it is good enough for the NFL/ NBA, why not?
Oh, and before I hear the lame argument that if athletes have to claim all compensation and fringe benefits and pay taxes on it, that all students should be required to claim scholarship benefits as taxable income, consider this - academic scholarships are more closely related to a gift, whereas an athletic scholarship is more closely related to "pay to play" - the two are vastly different. How many academic scholarship recipients have been awarded NIL contracts?
Agreed, but I would allow the athletes to write off their educational expenses to the same extent that non-athletes can. I assume now that tuition can be written off, as can student loan interest (to a certain extent), but I don't know about the rest. I would make the athletes pay taxes on all other monies received, however, and I have no doubt that the IRS and state taxing agencies are licking their chops at the prospect of taxing it. And for the donors who are giving the money to "NIL" collectives (that have nothing to do with NIL)? Not one cent should be allowed to be written off. It's like going to the movies or any form of entertainment but there is no "business expense" about it. Agreed on all points. In the spirit of disclosure, with some exceptions, I am not a fan of anyone paying more taxes. When I see/ hear these athletes complaining about the money that they are not making, how it is being "stolen" from them, I am tired of it. They are extremely lucky to have the privilege to play at the D1 level, and many are grateful to have their college paid for and then some, in exchange for playing sports.
Unfortunately, a lot of the angst by athletes is based on ignorance. I remember when my kids moved out on their own, and had to start paying taxes and living expenses, they suddenly realized it wasn't as simple as they thought. Or people that start their own business, and sign the front of a check, not just the back. I just do not think some of these athletes appreciate what they have already been given.
With regards to the original premise of the NCAA making bank off of "Name, Image and Likeness", there were other ways of addressing this perceived problem, without blowing up amateur collegiate sports. Full disclosure statements, putting all monies earned from NIL back into a NCAA fund to help all athletes, etc. Virtually all of the athletes that were complaining about this before the NIL were in team sports. Teams that were essential for them to have a platform and a chance at an NIL contract, and the schools they represent. This is really about selfishness and greed, all the way around.
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Post by obf on Apr 8, 2024 9:36:30 GMT -8
Just curious... is NIL money currently taxed? I always assumed it was
EDIT: Google confirms, it and all benefits (car, house, etc) are taxable
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Post by obf on Apr 8, 2024 9:42:37 GMT -8
I am pretty sure that the tuition portion of scholarships are tax free... But, room and board and other benefits are NOT tax free... Do athletes declare those things typically? How do they pay those taxes?
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Post by wilkyisdashiznit on Apr 8, 2024 15:28:30 GMT -8
I am pretty sure that the tuition portion of scholarships are tax free... But, room and board and other benefits are NOT tax free... Do athletes declare those things typically? How do they pay those taxes? You have to make at least $14,700 above tuition, fees, and required course materials to be taxable. Before that, those amounts are not taxable. The only things that are really taxable are room and board and transportation.
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Post by seastape on Apr 8, 2024 21:58:26 GMT -8
I am pretty sure that the tuition portion of scholarships are tax free... But, room and board and other benefits are NOT tax free... Do athletes declare those things typically? How do they pay those taxes? You have to make at least $14,700 above tuition, fees, and required course materials to be taxable. Before that, those amounts are not taxable. The only things that are really taxable are room and board and transportation. To be sure I understand, the following hypothetical: Terms of full-ride athletic scholarships at University X are, in annual terms: Tuition.........................................................$20k Fees...........................................................$1600 Textbooks and other course materials.......$1200 Room allowance.........................................$9000 Food allowance..........................................$7200 So...tuition, fees and textbooks and course materials are tax exempt. An additional $14,700 of scholarship benefits are tax exempt, so of the $16,200 in room and board allowance, the remaining $1,500 beyond the $14,700 exemption are taxable, assuming no other exemptions, correct?
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Post by wilkyisdashiznit on Apr 8, 2024 22:02:11 GMT -8
You have to make at least $14,700 above tuition, fees, and required course materials to be taxable. Before that, those amounts are not taxable. The only things that are really taxable are room and board and transportation. To be sure I understand, the following hypothetical: Terms of full-ride athletic scholarships at University X are, in annual terms: Tuition.........................................................$20k Fees...........................................................$1600 Textbooks and other course materials.......$1200 Room allowance.........................................$9000 Food allowance..........................................$7200 So...tuition, fees and textbooks and course materials are tax exempt. An additional $14,700 of scholarship benefits are tax exempt, so of the $16,200 in room and board allowance, the remaining $1,500 beyond the $14,700 exemption are taxable, assuming no other exemptions, correct? Yes.
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Post by flyfishinbeav on Apr 9, 2024 6:32:12 GMT -8
And let the re-hashing begin!
F the greedy bastards! And most of all, FTd!!
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Post by NativeBeav on Apr 9, 2024 7:09:17 GMT -8
To be sure I understand, the following hypothetical: Terms of full-ride athletic scholarships at University X are, in annual terms: Tuition.........................................................$20k Fees...........................................................$1600 Textbooks and other course materials.......$1200 Room allowance.........................................$9000 Food allowance..........................................$7200 So...tuition, fees and textbooks and course materials are tax exempt. An additional $14,700 of scholarship benefits are tax exempt, so of the $16,200 in room and board allowance, the remaining $1,500 beyond the $14,700 exemption are taxable, assuming no other exemptions, correct? Yes. And athletes that get these NIL contracts and/or wages in the future if they manage to con courts into making them paid employees, should lose all of those exemptions, including the $14,700 - because the paychecks are coming from the same institution they are attending, or companies hoping to make money off of them - you know, "money for nothing" as Mark Knopfler sang about.
If the gov't running the lottery scam can keep half of the money before you get it, they (athletes) can lose their exemptions as the "poor starving college student". People capitalizing on the $14,700 deduction are usually doing work for that money - NIL - not so much. D1 athletes in the revenue sports are some of the most privileged students on campus.
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