Maybe this has been asked before, do these kids that get money or gifts for nil do they pay taxes on the gifts? And if they get a car who pays taxes license and insurance?
Question about NIL money
- Thread starter Baxter48_rivals204143
- Start date
Hopefully it is clearly explained to these athletes because if there not paying attention there could be all sorts of issues
credit card companies have been preying on college kids for decades. today's athletes will either be okay or they won't, but they're certainly not unique.
Ha, ha. Uncle Sam doesn't let anybody get away without paying taxes (unless maybe you're a politician in Washington DC but that's another story). Nebraska and other schools have someone that advises kids on NIH and other financial matters so there's no excuse for kids not understanding the tax implications.
If the players clamor/demand the NIL money then they will take care of business come tax time.
I went back to college to obtain an advanced degree and worked at small colleges. In the old days we encouraged students to open bank accounts in the town we were in as they were many miles away and banking wasn't as easy as it is now. Now the credit card places want to get the young kids started racking up the debt. I didn't allow them in the college I ran. The students that fall for this are the truly uneducated and misinformed and their parents deserve some of the blame as well. As part of a class I taught on personal finance in HS I taught my students about this potential trap. I don't blame the credit card companies, they all send mailings with come ons as well as being at schools, it is up to the student to know what in the heck is gong on. Same with signing that promised to repay student financial aid. Best advice is to not go into debt, period.
Back in the day they set up on campus and gave a free t shirt if u signed up. Ended up being a good deal for them as I paid for those shirts many times over