|
Posted by Howard Kaikow on February 7, 2008, 5:38 pm
Please log in for more thread options
There are folks posting software, for which they do not REQUIRE payment for
use, but they do leave themselves open to receiving donations.
I ASSuME that all such donations are taxable as income?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Harlan Lunsford on February 7, 2008, 6:23 pm
Please log in for more thread options
Howard Kaikow wrote:
> There are folks posting software, for which they do not REQUIRE payment for
> use, but they do leave themselves open to receiving donations.
>
> I ASSuME that all such donations are taxable as income?
>
Correct!
"A rose by any other name would smell as sweet."
or stink.
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by removeps-groups@yahoo.com on February 8, 2008, 12:12 pm
Please log in for more thread options > There are folks posting software, for which they do not REQUIRE payment for
> use, but they do leave themselves open to receiving donations.
>
> I ASSuME that all such donations are taxable as income?
Yes, most likely as Other Income. Losses or expenses on hobby income
are deductible as negative income; but if the net hobby income is less
than zero (meaning that expesnses are more than income), the net
income should be changed to zero.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by removeps-groups@yahoo.com on February 8, 2008, 12:49 pm
Please log in for more thread options On Feb 8, 11:12 am, "removeps-gro...@yahoo.com" <removeps-
gro...@yahoo.com> wrote:
> Yes, most likely as Other Income. Losses or expenses on hobby income
> are deductible as negative income; but if the net hobby income is less
> than zero (meaning that expesnses are more than income), the net
> income should be changed to zero.
Sorry for the wrong advice, after reading the IRS publication, I see
that most deductions are reportable on Schedule A, subject to the 2%
of AGI limitation, and of course you have to be itemizing to claim the
deduction if any.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by pleasedontemailme on February 8, 2008, 12:13 pm
Please log in for more thread options On Thu, 7 Feb 2008 17:38:56 EST, "Howard Kaikow"
>There are folks posting software, for which they do not REQUIRE payment for
>use, but they do leave themselves open to receiving donations.
>I ASSuME that all such donations are taxable as income?
Calling it a donation does not make it so. A donation is a
non-reciprocal transfer and that is not the case with shareware.
-Crystal
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | Repayment of Third Party Sick Pay | March 15, 2007, 1:28 am |
| Receiving bill for underpayment penalty? | April 15, 2008, 4:24 pm |
| The 2008 Version of the Boston Tea Party | August 14, 2008, 4:53 pm |
| Third Party Sick Pay & Earned Income for IRA purposes | April 2, 2008, 9:41 pm |
| Charitible Deductions from the RECEIVING organizations point of view? | July 5, 2008, 9:51 am |
| Adding a party to a real estate deed, what are the tax implications? | November 17, 2006, 1:19 am |
| Amending 2007 taxes -- can I file before receiving 1099R-correction? | November 29, 2007, 8:04 pm |
| Toy Donations | December 18, 2007, 3:47 pm |
| donations, what are they worth? | May 24, 2008, 3:37 pm |
| Voluntary page charges as deductible donations? | April 10, 2007, 10:25 am |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap