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| 5/6/2003 |
IRS |
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The Man wrote:
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Please advise how you plan to categorize the revenue received. For example, do you intend to treat it as a gift in which case it would not be income taxable to you and only taxable to the donor if the amount is over $10,000 (single) or $20,000 (married). Or, do you intend to treat it as "earned" income from this creative work project in which case all income must be reported as such and subject to the income tax laws.
If the latter, can you establish your credibility to possible donors that you, unlike maybe one whom we might consider the more conventional beggar, will comply with the tax laws? |
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Mike wrote:
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Like you said, unless its over $10,000 the money is not taxable. I'll let you know when the first $10,000 contribution is made.
Mike |
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The Man wrote:
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Thanks for your response, Mike. As a retired attorney, I would suggest you might best seek some professional tax advice or an IRS advisory opinion on the issue with regard to any amount of "gifts" you might receive. Also you might find The Millionaire Next Door, by Thomas J. Stanley and William D. Danko a breath of rationalism and common sense. Easy come, easy go. |
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The Man wrote:
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After thought, Mike. Any gift tax due becomes the responsibility of the donor, not the donee, Mike. That may not be clear to you. |
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I hate accountants... |
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