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Replies: 14
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CU Guru [1508]
TigerPulse: 100%
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If benefitting from NIL, should the athletes pay taxes
Aug 11, 2021, 9:39 AM
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on their Scholarships, Books, etc and other items they receive that have enabled them to receive benefits from NIL? I see the Scholarships as a business expense....
Too harsh?
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Legend [15863]
TigerPulse: 100%
50
Posts: 28957
Joined: 2001
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NIL - Let's someone ELSE pay for the taxes on that stufff
Aug 11, 2021, 9:41 AM
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get with the plan man
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Game Changer [2037]
TigerPulse: 100%
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Im sure they have to pay taxes on the NIL stuff...
Aug 11, 2021, 9:56 AM
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but they dont operate as independent contractors for Clemson. I know you are speaking in hypotheticals but that'd open up a whole new can of worms.
I used to be against them getting money but really what is so bad about them making their own money on the side while going to college? Yes, its alot of money for some but they are also responsible for bringing in millions for the school they play for. TV money is so absurd now its just not a comparable scenario to how most of us came up.
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Dynasty Maker [3382]
TigerPulse: 100%
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Re: Im sure they have to pay taxes on the NIL stuff...
Aug 11, 2021, 11:03 PM
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I don’t have an issue with players getting money for name and likeness. The issue is it just created a way for boosters to set up funding through local entities to pay players. The offers will happen during the recruiting process. The gap will increase from the schools that have big money and donors. Thus, alienating most of the college football fan base.
Not so sure that we are watching CFB 15 years from now. Heartbreaking thought.
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Varsity [120]
TigerPulse: 99%
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Re: If benefitting from NIL, should the athletes pay taxes
Aug 11, 2021, 10:35 AM
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You'll get to pay for all of it once they get their free state school tuition dream pushed through!
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All-In [10862]
TigerPulse: 60%
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Posts: 13925
Joined: 2006
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Re: If benefitting from NIL, should the athletes pay taxes
Aug 11, 2021, 10:38 AM
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Can they spend the books or scholarship? There is your answer.
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Athletic Dir [1127]
TigerPulse: 95%
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Re: If benefitting from NIL, should the athletes pay taxes
Aug 11, 2021, 10:42 AM
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Democrates in congress are already discussing taxing on the value of tuition, books, food and lodging.
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Legend [6782]
TigerPulse: 100%
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Re: If benefitting from NIL, should the athletes pay taxes
Aug 11, 2021, 12:41 PM
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Out one side of their mouth while saying college should be “free” out the other side of their mouth
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Orange Phenom [14156]
TigerPulse: 100%
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Re: If benefitting from NIL, should the athletes pay taxes
Aug 11, 2021, 10:49 AM
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Qualified educational expenses are tax deductible if paid for using taxable income; this includes tuition and books. So if you start taxing scholarships as income then the tuition and books would become tax deductible the only big expense left would be room and board; which is really only room since they can get all of their meals through legitimate performance competition expenses from the training table.
Putting all of that aside no we should treat athletes as we do other students in this respect. The guy on a music scholarship who is in a band that gigs at night doesn’t have to pay extra because of his side hustle. If
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Paw Warrior [4836]
TigerPulse: 100%
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Re: If benefitting from NIL, should the athletes pay taxes
Aug 11, 2021, 11:22 AM
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My kid has an academic scholarship and the amount for room and board are taxed.
The amount for tuition and books are not.
Used to be scholarships weren't taxed at all but that changed maybe 25 years ago.
I went to high school with people that got 2 or 3 full scholarships from different sources and banked the extra ones tax free.
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Letterman [189]
TigerPulse: 77%
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How about they start paying their own...
Aug 11, 2021, 12:02 PM
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tuition? Why do we need to contribute to IPTAY in order to pay scholarships for these kids if they can go out and make money on their N,I,L? I know, most don't contribute to IPTAY for scholarships, its for the tickets and parking. And I know, some kids won't make much from NIL. But the whole situation is just really screwed up.
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National Champion [7717]
TigerPulse: 100%
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Re: If benefitting from NIL, should the athletes pay taxes
Aug 11, 2021, 2:12 PM
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Of course they will pay taxes. Why wouldn't they? May be a good early life lesson on who pays for society and who sits around getting paid for contributing nothing.
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Athletic Dir [1171]
TigerPulse: 100%
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I'll grantee they will have to pay taxes on it. You think
Aug 11, 2021, 2:22 PM
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the IRS would let that slide? I think not. but here's the real question: does that give states that don't have a state income tax a recruiting advantage.
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Letterman [282]
TigerPulse: 95%
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Re: I'll grantee they will have to pay taxes on it. You think
Aug 11, 2021, 2:59 PM
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In the next 5-7 years, even attending the university associated with the football team will be optional. We're moving towards a semi-professional NFL farm system where college football will have clubs that have financial associations or partnerships with Universities.
You'll have the "Alabama Crimson Tide" and the players will live on or around campus. Most will focus on full time training, working with their NIL sponsors (building their brands) and preparing for the NFL, while others will elect to attend classes and pursue a college degree.
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Ring of Honor [22211]
TigerPulse: 100%
53
Posts: 17447
Joined: 1998
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Coots can offset all NIL income with losses. HTH***
Aug 11, 2021, 6:58 PM
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