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reestuart
Joined: 01/13/1999
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reestuart
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I'm sure they will to an extent, but if they have to use 100% of that money

to pay for tuition, how much will actually be taxable? They're not really realizing any income in this case. Now, anything above and beyond that will certainly be taxed like regular income. This is when they'll cease having to be actual students. ** Edited by reestuart at 2/27/2024, 8:51:37 AM
Posted: 02/27/2024 at 08:50 AM ET
(In response to this post by anotherdamnyankeehokie)

Thread Replies (17)

Full Thread →
Does anyone think that the IRS will wind up taxing the athletes for the
anotherdamnyankeehokie • 02/26/24 07:10 PM ET
Tax fraud is/is not an NCAA violation so players can keep playing. Right?
astrohokiebob • 02/28/24 07:41 AM ET
The employers will be turning in their documents, so yes.**
IB4TECH • 02/27/24 11:38 AM ET
I'm sure they will to an extent, but if they have to use 100% of that money ◄
reestuart • 02/27/24 08:50 AM ET
I'm no tax accountant but I sure do know from paying taxes that benefits
anotherdamnyankeehokie • 02/27/24 12:39 PM ET
it's certainly a benefit, but they aren't able to keep it. It's used
reestuart • 02/27/24 12:50 PM ET
How is that different from the income I use to pay my son's tuition?
PadrosWindup • 02/27/24 12:04 PM ET
If tuition is considered income, the athlete has to use 100% of that to
reestuart • 02/27/24 12:24 PM ET
Absolutely they will...**
Hokie83 • 02/27/24 08:46 AM ET
Why wouldn’t they if they are employees?**
Stech • 02/26/24 08:34 PM ET
That is the beauty of NIL income.
PadrosWindup • 02/26/24 08:32 PM ET
Last statement made me laugh , each school will staff former IRS agents 🤣**
Stech • 02/26/24 08:48 PM ET
yeah, the whole tax evasion theory will be a non-story.**
reestuart • 02/27/24 12:25 PM ET
Wait - are you staying that paying taxes on these benefits will
133966Hokie • 02/27/24 05:27 PM ET
No, they'll pay taxes on actual income.**
reestuart • 02/27/24 05:41 PM ET
An you imagine Kentucky and Louisville collectives turning each other in
PadrosWindup • 02/27/24 06:45 AM ET
Yes. The IRS rules on employee compensation are quite clear**
tarheelblue • 02/26/24 08:15 PM ET
Yes, if they are employees. The first $5,250 per year is exempt. **
vtfaninnc • 02/26/24 07:40 PM ET