Do recipients have to pay duty/taxes on their awards (Olympic Medals, Oscars, etc.) when bringing them home?

Question

If someone wins a medal at the Olympics or an Emmy or Oscar or some other prize, are they taxed on this when they return to their own country and go through customs/immigration?

I know there are certain duty-free exemptions per person, but surely they are not enough to cover the value of something like a gold medal or an Oscar statuette (for "regular" citizens in Canada, for example, the amount is $750 dollars after one week's absence). For famous celebrities or professional athletes who can afford to pay astronomical taxes, I'm sure it isn't an issue, but for amateur athletes or indie actors/celebs, it would be a shame to hear they have to pay an outrageous amount to export their prize back to their home country.

Does anyone know if there are certain exemptions for this type of thing, or how this is handled when going through customs? It's not like they could exactly 'hide' the fact that they won an Oscar or a gold medal! :)

Answer 1

I don't think that they would.

Else wise there would be an argument that the cost of training should be tax deductible.

However if they were to sell the medal or trophy they would be liable for the income.

Answer 2

No i highly doubt the US Team will have to. Beside even if they did the reward money the goverment gives them will more then cover it. But I highly doubt they do. I don't know about other coutries.

Answer 3

I would hope not.....