Quote from: muwarrior69 on April 15, 2025, 05:21:54 PMSo how much of the scholarship is tax exempt?

I have no idea what you're talking about.

Quote from: MU82 on April 15, 2025, 03:36:52 PMA segment of Scoop would call this overly optimistic.

Scoop paying or winning 8 games?

Quote from: willie warrior on April 15, 2025, 02:48:17 PMAh, yes, NIL. The great savior to college BB and FB. Millions of bucks thrown around, players at  3 or 4 schools, players not showing up for practice and asking for more money, transfers galore, coaches getting out because of it, and most importantly, money talks.

So, basically what coaches have been doing for 60 years?

Quote from: #UnleashSean on April 15, 2025, 06:10:56 PMSo, basically what coaches have been doing for 60 years?

Also, what joyless willie has been doing for 60+ years.

Quote from: TAMU, Knower of Ball on April 15, 2025, 05:23:32 PMI have no idea what you're talking about.

If Players are employees I am sure some part of a 70k tuition will be taxable income.

Quote from: muwarrior69 on April 16, 2025, 06:23:31 AMIf Players are employees I am sure some part of a 70k tuition will be taxable income.

Whether they are students or student employees is irrelevant. It depends on what the scholarship is used for

Quote from: TAMU, Knower of Ball on April 16, 2025, 06:55:42 AMWhether they are students or student employees is irrelevant. It depends on what the scholarship is used for

Correct. Anything up to the total cost of attendance is tax free.

Quote from: The Sultan on April 16, 2025, 07:27:36 AMCorrect. Anything up to the total cost of attendance is tax free.

Not sure this is true.

Cost of attendance and qualified education expense are two different things, aina?

Quote from: Jay Bee on April 16, 2025, 08:15:05 AMNot sure this is true.

Cost of attendance and qualified education expense are two different things, aina?

I wasn't talking about what you can claim as credit or deduct, but whether or not a scholarship is taxable. I believe those are different.

I have been arguing that scholarships are taxable compensation for athletes for years. It's called a barter transaction and the Internal Revenue Code is clear about barter transactions.

Most of you laughed at me about this.

That said, athletics is like a pendulum. It starts out way to one side, with owners and sponsors exploiting athletes badly. Then one day, it becomes clear HOW MUCH the owners and sponsors are exploiting athletes and someone sues, legislates, rules or otherwise acts and the pendulum swings way in the other direction.

Major League Baseball is Exhibit "A" in extreme pendulum swings and is an example of how far college athletics can go if there is't some effort to organize and control the chaos. We went from the reserve clause to free agency and baseball players having more income that some well-off nations! The tide is turning against the sport in no small measure because the athletes and owners are obsessed with "winning" the financial side of the game. We won't even talk about the NBA!

My fear is college basketball, as well as all college revenue sports, are going the same way. 

Quote from: dgies9156 on April 16, 2025, 08:34:18 AMI have been arguing that scholarships are taxable compensation for athletes for years. It's called a barter transaction and the Internal Revenue Code is clear about barter transactions.

Most of you laughed at me about this.

That said, athletics is like a pendulum. It starts out way to one side, with owners and sponsors exploiting athletes badly. Then one day, it becomes clear HOW MUCH the owners and sponsors are exploiting athletes and someone sues, legislates, rules or otherwise acts and the pendulum swings way in the other direction.

Major League Baseball is Exhibit "A" in extreme pendulum swings and is an example of how far college athletics can go if there is't some effort to organize and control the chaos. We went from the reserve clause to free agency and baseball players having more income that some well-off nations! The tide is turning against the sport in no small measure because the athletes and owners are obsessed with "winning" the financial side of the game. We won't even talk about the NBA!

My fear is college basketball, as well as all college revenue sports, are going the same way. 

Scholarships are literally not taxable.

Quote from: The Sultan on April 16, 2025, 08:36:33 AMScholarships are literally not taxable.

You're so wrong.

Quote from: The Sultan on April 16, 2025, 08:36:33 AMScholarships are literally not taxable.

Tuition, books, lab fees are probably not, but room & board may be.

https://www.irs.gov/taxtopics/tc421#:~:text=If%20you%20receive%20a%20scholarship,

Quote from: Jay Bee on April 16, 2025, 08:50:59 AMYou're so wrong.

I am kinda wrong.

If players become employees then only 5200 of tuition is tax exempt.

https://pocketsense.com/employer-reimbursement-do-pay-taxes-7755724.html

Quote from: muwarrior69 on April 16, 2025, 09:20:11 AMIf players become employees then only 5200 of tuition is tax exempt.

https://pocketsense.com/employer-reimbursement-do-pay-taxes-7755724.html

No that is not accurate. That is if a third party employer pays educational expenses.

Another wrinkle, if players become employees do they have to pay state income taxes in the states they travel to? If this is where were headed each player better have a good tax accountant.

Quote from: muwarrior69 on April 16, 2025, 09:13:03 AMTuition, books, lab fees are probably not, but room & board may be.

https://www.irs.gov/taxtopics/tc421#:~:text=If%20you%20receive%20a%20scholarship,

this is correct. Though many institutions pay the taxes for domestic kids. International students are charged for anything beyond room and board. Some schools cover those costs partially or in full, some do not.

Quote from: tower912 on April 15, 2025, 02:55:46 PMI find this surprising, willie.  Based on your non-stop criticism of Shaka for eschewing the portal and NIL bag drops, I assumed you were a huge fan of NIL.

No sir. I am not. But since it is part of the landscape, saddle up or die.

Quote from: willie warrior on April 16, 2025, 10:21:26 AMNo sir. I am not. But since it is part of the landscape, saddle up or die.

I doubt he'll die

Quote from: Uncle Rico on April 16, 2025, 10:24:33 AMI doubt he'll die

I doubt you've read the contract.

Quote from: The Sultan on April 16, 2025, 10:33:52 AMI doubt you've read the contract.

Reading is for nerds

Quote from: willie warrior on April 16, 2025, 10:21:26 AMNo sir. I am not. But since it is part of the landscape, saddle up or die.

Oh, Willie.  Of course I am all in.  I have saddled up.   And we have been having this argument for 15 years through 3 coaches.  I have remained resolutely positive.  You have remained resolutely negative.

Quote from: Uncle Rico on April 16, 2025, 10:24:33 AMI doubt he'll die

Everybody dies

Quote from: TAMU, Knower of Ball on April 16, 2025, 11:52:48 AMEverybody dies

Not me.  I'm built different