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bigtenfan

Does Snyder get to collect his $250K?

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So can he take any endorsement money at all and remain eligible for NCAA? If not, he would be silly to not take the endorsements. I would think he could make a lot more money with endorsements than he could from his scholarship. He could use that to pay for school and still have money left over. Or he could decide to put college on hold until later in life. The potential for endorsement deals won't always be there, but colleges will. 

Isn't that one of the big reasons one goes to college? To increase his earning power?   Agreed, Eagle26.  Screw the NCAA if that's there deal....enough guys do that, they'll change their tack.

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I'm a business owner, he's not.      My accountant is about as good as it gets.      

 

 

You are a business owner. So what? The statement I responded to   "His parents can give him a non taxable annual gift, but rest of us can't''    makes it clear that you don't understand gift tax rules. 

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So can he take any endorsement money at all and remain eligible for NCAA? If not, he would be silly to not take the endorsements. I would think he could make a lot more money with endorsements than he could from his scholarship. He could use that to pay for school and still have money left over. Or he could decide to put college on hold until later in life. The potential for endorsement deals won't always be there, but colleges will. 

What we he do when wrestling was over with no degree? Take the next two years after wrestling and pay his own way?  Tuition goes up like 5% a year.  If he gets his degree over the next two years he can go straight into a headcoaching gig at any school in the world.  NO school will take a world champion with no degree.  

 

Also, by far and away THE most watched wrestling even is the NCAA finals.  It also carries some weight in the old GREATEST ever stuff that Kyle has some desire to be apart of.  I can't imagine Asics or Nike wanting him to limit his exposure just to win a World title, when he can and should do so anyway.  

 

And since when has wrestling endorsements had a lifetime?  Gables are still sold all over the world.  Chuck Taylors still sell and a Les Paul is an iconic guitar.  If shoes come out call Kyle Snyders 10 years from now, people will buy them.

 

Futhermore, why would he want to limit his exposure to the power network of OSU?  This guy is friends with Urban Meyer, LeBron, Ezekial Elliot, etc.  Very very influential people will take notice of him every time he helps bring glory to OSU and his career.  

 

I see no downside to staying in college.  There are way too many Olympic and World champs that continued college studies long after winning worlds and Olympic gold.  

 

He may not ever wrestle a full college season again, but has there ever been a better deal for a college athlete to come and go as they please as far as competing for the school and competing for themselves?  I can't think of one.  

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...wonder if that $250k is taxed somehow......

According to this, Kyle, Helen, and J'den will all be paying taxes on their actual medal too - with a Gold being worth about $600, Silver $300, and Bronze a whopping four bucks. I doubt it will affect J'den's tax bracket. 

There are several lawmakers trying to stop the taxation of olympic winnings. The Senate passed a bill in July, the House has a similar bill but hasn't voted on it yet. I'm not sure if that would go beyond the USOC money and into the Living the Dream money, though. With the intention of "Living the Dream" seeming to be making a living. 

 

http://www.bbc.com/news/business-37099066

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According to this, Kyle, Helen, and J'den will all be paying taxes on their actual medal too - with a Gold being worth about $600, Silver $300, and Bronze a whopping four bucks. I doubt it will affect J'den's tax bracket. 

There are several lawmakers trying to stop the taxation of olympic winnings. The Senate passed a bill in July, the House has a similar bill but hasn't voted on it yet. I'm not sure if that would go beyond the USOC money and into the Living the Dream money, though. With the intention of "Living the Dream" seeming to be making a living. 

 

http://www.bbc.com/news/business-37099066

What the?   Damn tax man.   I could see if an athlete SOLD his or her medal, that they would have to declare it and get taxed on the earnings, which could be much higher than the 600 or whatever, but if you keep it, you get taxed?  That's pretty crappy

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What the? Damn tax man. I could see if an athlete SOLD his or her medal, that they would have to declare it and get taxed on the earnings, which could be much higher than the 600 or whatever, but if you keep it, you get taxed? That's pretty crappy

Standard in the US unfortunately. Game show winnings, lottery winnings, etc are just considered income like everything else

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According to this, Kyle, Helen, and J'den will all be paying taxes on their actual medal too - with a Gold being worth about $600, Silver $300, and Bronze a whopping four bucks. I doubt it will affect J'den's tax bracket. 

There are several lawmakers trying to stop the taxation of olympic winnings. The Senate passed a bill in July, the House has a similar bill but hasn't voted on it yet. I'm not sure if that would go beyond the USOC money and into the Living the Dream money, though. With the intention of "Living the Dream" seeming to be making a living. 

 

http://www.bbc.com/news/business-37099066

GOP lawmaker on staten island trying to change this:

http://www.wsj.com/articles/rio-2016-lawmakers-aim-to-award-tax-breaks-to-olympics-medalists-1471305619

Edited by newyorkwrestler

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if I were snyder, I would stop competing at OSU. he can make a good amount of money on sponsorships, as well entering tournaments like the GGP with a 10k prize as well others. without tervel and bergman the ORTC i imagine has money to pay his living expenses or at least an ok stipend but thats just speculation. I don't think he should drop out of school, but rather see if OSU has any scholarships for olympic gold medalists, and supposedly tom ryan insists he has a near 4.0 so he may be eligible for academic ones as well to help pay the tuition. I also imagine he could raise a good bit of money via fundraising to pay for school. But if he wants to still compete at OSU then good for him, just not what I would do. 

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What we he do when wrestling was over with no degree? Take the next two years after wrestling and pay his own way?  Tuition goes up like 5% a year.  If he gets his degree over the next two years he can go straight into a headcoaching gig at any school in the world.  NO school will take a world champion with no degree.  

 

Also, by far and away THE most watched wrestling even is the NCAA finals.  It also carries some weight in the old GREATEST ever stuff that Kyle has some desire to be apart of.  I can't imagine Asics or Nike wanting him to limit his exposure just to win a World title, when he can and should do so anyway.  

 

And since when has wrestling endorsements had a lifetime?  Gables are still sold all over the world.  Chuck Taylors still sell and a Les Paul is an iconic guitar.  If shoes come out call Kyle Snyders 10 years from now, people will buy them.

 

Futhermore, why would he want to limit his exposure to the power network of OSU?  This guy is friends with Urban Meyer, LeBron, Ezekial Elliot, etc.  Very very influential people will take notice of him every time he helps bring glory to OSU and his career.  

 

I see no downside to staying in college.  There are way too many Olympic and World champs that continued college studies long after winning worlds and Olympic gold.  

 

He may not ever wrestle a full college season again, but has there ever been a better deal for a college athlete to come and go as they please as far as competing for the school and competing for themselves?  I can't think of one.

 

As I suggested, he could still finish his degree in the next two years without competing for tOSU. Tuition for two years would cost a little over 50k, so if he can make significantly more than that, why not take it and use that to pay for school instead of his scholarship? Also, NCAA may be the most watched event, but no one in the general public cares who was a wrestling NCAA champ. Olympic champion resonates with everyone, and therefore has the potential to make him much more famous. There is absolutely a shelf life on endorsement deals. If they start making his shoes now they may still be on the market in ten years, but no one would start a line of his shoes ten years after he won the Olympics. The only reason it would make sense to stay at tOSU would be if he is really set on achieving his goals of winning more NCAA titles (team or individual). I respect that but I would think that's almost a little beneath him at this point. I would think he wants to set his sights on winning multiple world championships and becoming one of the all time greats.

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You are a business owner. So what? The statement I responded to   "His parents can give him a non taxable annual gift, but rest of us can't''    makes it clear that you don't understand gift tax rules. 

 

We're not discussing whether I understand gift tax rules, your point is I need a better accountant.      You haven't demonstrated that at all.   I'm open to hear it though, I'm always willing to upgrade my team, where needed.          Please, tell me about my accountant.   

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