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Partial dichotomy
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^^^ APB, haven't seen you forever!




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Posts: 36534 | Location: NW Indiana | Registered: November 22, 2002Reply With QuoteReport This Post
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Picture of iron chef
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quote:
Originally posted by Legal Beagle:
As a quick status update, Para has his first $35k check, I will be sending another $10k check by the end of this week ($45k in hand to Para), and another $10k check once we hit that $55k milestone!

I'm curious. Are these be considered taxable gifts by the IRS &/or GA DOR?
 
Posts: 2578 | Location: Texas | Registered: June 17, 2003Reply With QuoteReport This Post
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Short version: Gave caveats to consult his own tax attorney, to comply with all reporting obligations under the code, and to pay all lawful taxes due to each entity to which he may owe taxes but likely 1099k reporting, and likely no liability.

Long version: My reading of the code treats crowdfunding contributions made as a result of the contributors' detached and disinterested generosity, and without the contributors receiving or expecting to receive anything in return, as gifts and therefore excluded in a calculation of gross income.

Likewise, I would have liability if it were gross income but a crowdfunding organizer who solicits contributions on behalf of others and distributes the money raised to those for whom the crowdfunding campaign was organized has a reporting liability (1099K) but no tax liability.

I’m using a dedicated crowdfunding platform (FundRazr) and payment processor (PayPal) to manage tax reporting (1099K) and record-keeping (dispersals) so as to ensure treatment of the gifts as gifts and not income, which is what the 2.9%+.30/dip pays for.

I remain very grateful for everybody who has reminded me to check on it and ensure that we’re doing our best to keep records and keep Para out of trouble next April!
 
Posts: 1785 | Location: New Mexico | Registered: April 24, 2008Reply With QuoteReport This Post
Peace through
superior firepower
Picture of parabellum
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Woo hoo!

 
Posts: 98086 | Registered: January 20, 2000Reply With QuoteReport This Post
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^^^^^ Don't know another thing you can do Rob...nice job !
 
Posts: 457 | Location: Central Ohio | Registered: January 05, 2018Reply With QuoteReport This Post
Be prepared for loud noise and recoil
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Originally posted by parabellum:
Woo hoo!


Big Grin





“Crisis is the rallying cry of the tyrant.” – James Madison

"Keep your fears to yourself, but share your courage with others." - Robert Louis Stevenson
 
Posts: 3476 | Location: California | Registered: March 23, 2006Reply With QuoteReport This Post
E tan e epi tas
Picture of cslinger
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So those of us who have contributed get a hard copy of “the rules” now right? Wink


"Guns are tools. The only weapon ever created was man."
 
Posts: 6635 | Location: On the water | Registered: July 25, 2002Reply With QuoteReport This Post
Oriental Redneck
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Originally posted by cslinger:
So those of us who have contributed get a hard copy of “the rules” now right? Wink

Nah, you just need the secret sign.



Q






 
Posts: 22398 | Location: TEXAS | Registered: September 04, 2008Reply With QuoteReport This Post
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Happy to help!
 
Posts: 1299 | Registered: July 26, 2005Reply With QuoteReport This Post
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Was in early anonymously. Only piping up for the karma.

Really appreciate this site. Thanks, Para!
 
Posts: 28 | Registered: June 07, 2004Reply With QuoteReport This Post
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Cheers.
 
Posts: 1071 | Location: Western WA | Registered: September 11, 2006Reply With QuoteReport This Post
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Late to the party but kicked in.
 
Posts: 533 | Location: Field of Dreams | Registered: September 07, 2006Reply With QuoteReport This Post
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I'm grateful for the opportunity to contribute to this great forum. I appreciate all that you do!


---
Diligentia, Vis, Celeritas
 
Posts: 1108 | Location: Cartersville, GA | Registered: September 30, 2008Reply With QuoteReport This Post
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quote:
Originally posted by 12131:
quote:
Originally posted by cslinger:
So those of us who have contributed get a hard copy of “the rules” now right? Wink

Nah, you just need the secret sign.



I was hoping for the unitard….. Frown
 
Posts: 300 | Location: Upstate NY | Registered: October 09, 2018Reply With QuoteReport This Post
Money won is sweeter
than money earned
Picture of Rick_Perry
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Glad to help out.


_________________________

Einstein defines insanity as "Doing the same thing over and over and expecting different results"
 
Posts: 3000 | Location: SE MI | Registered: October 26, 2004Reply With QuoteReport This Post
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Happy to help out one of my favorite hangouts. Smile
 
Posts: 2402 | Location: San Hozay, KA | Registered: August 09, 2005Reply With QuoteReport This Post
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I've gladly contributed, and would have long ago if allowed.



All your 10mm are belong to us
 
Posts: 10248 | Location: South Congress AZ | Registered: May 27, 2006Reply With QuoteReport This Post
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Para, thanks for making this a great place to be. Happy to help, wish I could do more.
 
Posts: 2515 | Registered: March 28, 2008Reply With QuoteReport This Post
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Sorry been away for a few days. Concurring with Legal Beagle’s post.

We all gave with no expectations of nor did we receive anything of value. We will not be claiming the monies sent as a charitable contribution on tax returns

We also expect no repayment of the gifted amount.

If individually we gave greater than $16,000 we will need to report this on our gift tax return.


If the above is followed it should be not taxable to the recipient.

Para or Legal Beagle please reach out directly if you would like to discuss further. Or talk about forms you might receive.
 
Posts: 151 | Location: The Lovely State of Illinois | Registered: November 24, 2008Reply With QuoteReport This Post
Peace through
superior firepower
Picture of parabellum
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Thanks very much, James. This confirms my understanding of the tax statutes. I appreciate you chiming in.

And thanks once again to all who've contributed. All of this has been a great comfort to me, and overwhelming, to say the least.
 
Posts: 98086 | Registered: January 20, 2000Reply With QuoteReport This Post
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