Tax Strategies for Olivia Dunne's $3.5 million NIL Deal
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- Опубліковано 13 чер 2024
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00:00 - Introduction to NIL Income and LLC Formation
03:15 - Understanding Two Types of NIL Income: Ordinary and Royalty
06:02 - Reporting Ordinary Income through an LLC and S Corporation
09:03 - Reporting Royalty Income on Schedule E
11:57 - Choosing the Right State for Setting Up Your LLC
15:05 - Understanding State Tax Reporting and Planning
19:00 - The Importance of Building a Team of Advisors
22:00 - Conclusion and Advice for NIL Athletes
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I am a father of a d1 scholarship women’s basketball player. My daughter plays for a lower level D1 school. She currently does not have any NIL deals. BUT, I own my own physical therapy practice (S-corp). Can my business sign a NIL deal with my daughter? If so, and she is incorporated, how can I as a business, she as an athlete, and us collectively as a family structure this to save in taxes.
Check with the school for their NIL representative. They may be able to help.
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