Olympic medal winners may be able to cash in on their victories for commercial gains. Certainly, Michael Phelps, the 19-time medal winner in swimming, stands to earn millions as the world record holder in total Olympic medals. However, all winners may already owe tax. U.S. citizens and residents are taxed on their worldwide income. Prizes and awards are taxable income, so the value of anything Olympians receive will be included in their gross income. It is not clear what the fair market value of gold, silver, and bronze medals is today.