Radcliffe running NYM (again!)

[mump boy]

I would guess that you don't keep a home in Monaco.

and i would guess she saves a whole lot more livig there than coming home and paying tax !!

[mojo]

I would guess that you don't keep a home in Monaco.

Nope.

I also don't think there is any harm in people downsizing their lifestyle....a Brit does not "need" to live in Monaco.


Anyway my comment was not about Paula. I just hear and read about what people say they need to get by and I am always shocked.

Needs and wants are two different things.

[Ned Ryerson]

She still has to pay taxes on most money earned outside the EU, particularly in the US.

Her Nike contract certainly comes out of their international office in Amsterdam, and I don't know what the tax implications are, if any, in living in a tax haven while earning money from a company based in the Netherlands.

Besides, only she and Gary know the details of their spending and their long term plan. I still argue that it makes sense to earn as much as she can while she's a major contender, because who knows what might happen further down the road.

[tandfman]

In addition to residing in Monaco, an athlete can also form a personal service corporation of some kind and have his/her payments made to an entity rather to the athlete individually. It's my understanding that some athletes do this in order to minimize income taxation. Not being a tax expert, I can't tell you exactly how this works (or even if it really works).

[doug091463]

how could they tax her on appearance fees? no one really knows how much appearance fees each athlete gets, or even if an athlete gets an appearance fee. isnt it like being paid under the table? how would anyone really know?

[mojo]

All I said was that I think Paula will be just fine financially.


There was no opinion in there about what she should do with her money, her career or anything else.

Like that is any of my business. :roll:


I have enough people to worry about in my own little life thanks very much!

[Ned Ryerson]

how could they tax her on appearance fees? no one really knows how much appearance fees each athlete gets, or even if an athlete gets an appearance fee. isnt it like being paid under the table? how would anyone really know?

She is paid by a US entity for services/duties performed in the US. If these were paid under the table, the IRS would object profusely. The NYRR can't expect to hand Radcliffe several hundred thousand dollars in cash and not draw the ire of any government agencies.

[Conor Dary]

how could they tax her on appearance fees? no one really knows how much appearance fees each athlete gets, or even if an athlete gets an appearance fee. isnt it like being paid under the table? how would anyone really know?

She is paid by a US entity for services/duties performed in the US. If these were paid under the table, the IRS would object profusely. The NYRR can't expect to hand Radcliffe several hundred thousand dollars in cash and not draw the ire of any government agencies.

It would be complete lunacy on NYRR club to not report the income paid out. People have gone to prison for less.

[mump boy]

well this wasn't supposed to turn into an in depth discussion of paulas finances i just think that somethings are more important than money and 2012 should be one of those things.

with the money she has already made (and you know she has a great accountant) the money she would make if she won in 2012 or at any other champs untill then as well her considerable skills away from the sport let's just say there is no need to worry about paula

[bhall]

She's out of World Half Marathon Champs. Article on the front page.

[26mi235]

how could they tax her on appearance fees? no one really knows how much appearance fees each athlete gets, or even if an athlete gets an appearance fee. isnt it like being paid under the table? how would anyone really know?

She is paid by a US entity for services/duties performed in the US. If these were paid under the table, the IRS would object profusely. The NYRR can't expect to hand Radcliffe several hundred thousand dollars in cash and not draw the ire of any government agencies.

Maybe it is partially for promotion services paid when she is in the UK. Fees are at least partially linked to the contract and we have not seen the contract.

[nevetsllim]

She's out of World Half Marathon Champs. Article on the front page.

Oh FFS :cry: