- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
@neonprairie - I am not an expert in this area, however, since the NCAA permitted student athletes to sell their Names, Image and Likeness (NILs), this area has caught the IRS's attention. See link below.
in the post above, the OP asks if he can pay the athlete's expenses in return for advertizing the business on the student athlete's attire. Sounds like a trade for the student's NIL.
the very first line of this link states:
"Any income from NIL activities, including non-cash, is considered taxable income." So it would appear to me that any cash or non-cash items the athlete receives for registration, etc would be taxable income because the athlete agreed to compensation for his NIL.
‎August 19, 2023
3:59 AM
5,386 Views