when taking “donations” for on-line companies (video clip sport) will the use of paypal get out the taxes?

Posted on Feb 15, 2010 in Donations by Rob 3 Comments

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Query by Adam: when using “donations” for on the web providers (video video game) will the use of paypal consider out the taxes?
when taking “donations” for on the internet providers (video sport) will the use of paypal consider out the taxes? or will i have to figure that out and shell out it separately?

Ideal solution:

Reply by Cathi K
You do it oneself. Except if you are organized as a 501c3 you are not able to consider any tax deductible donations.

Give your remedy to this problem under!

Comments (3)

Judy Feb 15 2010 - 8:45 pm

Paypal won’t take out taxes, but it’s taxable income to you so you’ll have to keep records and pay the tax on it yourself.
Common Sense Feb 15 2010 - 9:22 pm

No. That’s your problem.
tro Feb 15 2010 - 9:58 pm

of course they don’t
unless you are an approved non profit organization, there are no donations, they are income to you and you file on a sch C, pay your own self employment tax and income tax if this results in taxable income

Comments are closed.