Home
Articles
Photos
Interviews
Forums
New posts
Search forums
Georgia Tech Recruiting
Dashboard
What's new
New posts
New profile posts
Latest activity
Chat
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Georgia Tech Athletics
Georgia Tech Football
Portal Watch 2022-23
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="leatherneckjacket" data-source="post: 928591" data-attributes="member: 3849"><p>It is taxable income for the student athlete and it can be a tax deductible business expense for the person giving the money since, supposedly, the NIL of the student athlete may be used for business purposes.</p><p></p><p>While NIL is not supposed to be pay for play, it basically legitimizes all the under the table money that was flowing between boosters and athletes. Not only does it give the boosters/athletes a framework by which they can give/receive money without penalty, but it also creates a method for boosters to now claim the cash payment as a business expense. In the meantime, the athlete now has to pay taxes on that income that they were never claiming before.</p></blockquote><p></p>
[QUOTE="leatherneckjacket, post: 928591, member: 3849"] It is taxable income for the student athlete and it can be a tax deductible business expense for the person giving the money since, supposedly, the NIL of the student athlete may be used for business purposes. While NIL is not supposed to be pay for play, it basically legitimizes all the under the table money that was flowing between boosters and athletes. Not only does it give the boosters/athletes a framework by which they can give/receive money without penalty, but it also creates a method for boosters to now claim the cash payment as a business expense. In the meantime, the athlete now has to pay taxes on that income that they were never claiming before. [/QUOTE]
Insert quotes…
Verification
How many points did Georgia Tech score against Cumberland in 1916?
Post reply
Home
Forums
Georgia Tech Athletics
Georgia Tech Football
Portal Watch 2022-23
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…
Top