Paypal Donations? Taxes???

myname1001 · 03-26-2006, 09:43 AM

If I got 25 people to donate $500 ($12500 total) - would I have to file it up in some special tax type of thing, or just pay the regular paypal fee's and all that? I noticed paypal has a Donation feature, was wondering how it worked and what type of taxes they take from paypal donations. I'm hoping I can just collect the $12500, pay the paypal percent and thats all.

EBK · 03-26-2006, 10:31 AM

lol are you serious! please tell me you're joking...

You would need to talk to an accountant. but unless you are a non for profit organization set up with the government of course you have to report money you bring in. Otherwise I'd simply put a bit of code on all of my sites stating any purchases made are donations to get out of paying taxes...

myname1001 · 03-26-2006, 12:20 PM

so what about all the people who put the donation button on their sites, small sites, who get $500-$1000 donated to their site...wether it be a site with their poems, their music, selling a product, anything - are they reporting?

if someone (lets say a close friend) just "gives" me $10,000, there are no taxes. so answer it like that.

4 or 5 of your friends just "gave" you $4000 or $5000 each out of the kindness of their little hearts, to help you start a business. not a donation, these are friends helping you out, not strangers.

so what do you do now? you can just keep the money transfered from their paypal to yours right? (besides the fee paypal takes)

EBK · 03-26-2006, 02:28 PM

You would need to contact an accountant, I wouldn't even begin to act like I know the full and correct answer to your question nor should anyone else or you believe anything posted.

However if you think you can simply be given $12,000 in 'donations' while not reporting it as income I think you've got another thing coming.

Just because people don't report it as income does not make it correct, or legal.. Pay the couple of bucks and talk to a professional.

myname1001 · 03-26-2006, 02:57 PM

i contacted paypal.

all i know is if a friend gives a friend $100, it's not taxable and you don't have to report it.

so if you have 50 friends who give you $200 each, out of the kindness of their heart (not in the form of donation, in the form of a personal favor from one friend to another) - I shouldn't have to file it, report it, or have taxes tooken out of it, even though it totals $10,000.

EBK · 03-26-2006, 03:22 PM

Do what you want but keep in mind.

#1 the person from pay pal you talked to more than likely knows less about tax law than you know about it yourself.

#2 it's not out of the kindness of their own heart out of the blue when you are requesting it.

myname1001 · 03-26-2006, 03:45 PM

im asking not requesting

- and it aint like when i request the paypal mail, all 50 people would lie and say they didn't do it as a personal favor. what they gonna do, join together in a conspiracy to say i was collecting donations instead of asking for a personal favor out of pure desperation to get money? im bending the law, im bending the law ::sticks tongue out:: imma hustluh, imma imma hustluh.

ask 2000 people with paypal accounts, your bound to accomplsish

50 x $100 =

100 x $100 =

feel me. just takes time.

myname1001 · 03-26-2006, 03:46 PM

course it's all bout how you ask, what the reason is, how you present it to them, and the incentive you give them, plus proof of sincerety and identity, all that good sh*t.

shahab6 · 03-26-2006, 04:23 PM

By law your allowed to get $10,000 per-year without reporting it. Plus do you have a non-profit organzation, if so you have to file a special form which allows you not to pay taxes on it. Again you need to speak to a accountant.

EBK · 03-26-2006, 04:28 PM

Quote:

Originally Posted by shahab6

Again you need to speak to a accountant.

Exactly.!

myname1001 · 03-26-2006, 04:28 PM

nah no organization. $10,000, thats perfect. im all good then, bout to make a quik $10,000.

EBK · 03-26-2006, 04:29 PM

Myname it's obvious you're fishing trying to get people to say yeah it's ok...

Regaurdless you need to speak with an accountant.

**G10** · 03-26-2006, 05:10 PM

myname1001, I got to say, you're not coming across as the brightest of business people here.

Your other thread (http://www.v7n.com/forums/forum-lobb...need-help.html) and this one gives me and people like Evil Black Knight a very good idea of what you know about business and for the sake of politeness, I'm not ging to comment.

Again, you are asking questions that are bog standard and most people would know the answer to like you did in the other thread.

This can go two ways;

1, You genuinely know the answers and you are just having a laught which is cool.

2, You genuinely don't know the answers in which case any shrewd invester would obviously steer well clear.

You have actually already answered which one it is

myname1001 · 03-26-2006, 05:19 PM

bright enough to get $10,000 in 4 days with out paying taxes, all while remaining 100 percent legal.

took all them replys for one intelligent person to state the amount per year you are allowed to make with out reporting.

and speaking to an accountant isn't necessary.

i'll make a big deal about it later, when i have braggin rights.

yall just to see someone come up.

maybe not. don't know you.

i'm just sayin.

EBK · 03-26-2006, 05:26 PM

Are you for real myname?

you have got to be kidding me...count this as my laugh of the month...I'm literally laughing my ass off right now at you...

Not to be rude, but oh my god you're a trip.

myname1001 · 03-26-2006, 05:41 PM

Let's make a bet - you owe me an apology when I get $10,000 and take screen shots of my paypal account, plus links of the site(s) I start-up with the $10,000.

If I dont make $10,000, i'll admit you are far more skilled and more capable of making money with web sites and internet than I, and apologize for not taking your advice because you were right.

Deal?

There is more than one right way to do anything.

myname1001 · 03-26-2006, 05:42 PM

and everything

**G10** · 03-26-2006, 05:49 PM

Why should Evil Black Knight apologise to you?

Isn't HE the one who helped and advised you on how much you could earn before your taxes bite?

BTW - A day or so ago, your site or project was going to cost $300,000, who the hell did you manage to streamline it to $10,000?

Damn your good and I may have to hire you myself

shahab6 · 03-26-2006, 06:10 PM

Quote:

Originally Posted by G10

Why should Evil Black Knight apologise to you?

Isn't HE the one who helped and advised you on how much you could earn before your taxes bite?

BTW - A day or so ago, your site or project was going to cost $300,000, who the hell did you manage to streamline it to $10,000?

Damn your good and I may have to hire you myself

Seriously, I think his just trying to get money from people, and thats all he got.

EBK · 03-26-2006, 06:13 PM

LOL, LOL and a whole lot of LOL...

It has nothing to do with what you make in 4 days, make 100k for all I care. it's the fact that you think you're going to make this in 4 days to what stay under the limit for taxes and then not bring in another cent the rest of the year? Or what exactly, I am very confused, you're making no sense at all.

Most real business people are not going to try to make so little that they pay no taxes and then also try to brag about it, or take information given to them by someone they dont' even know off of a forum over an accountant.

You I'm sorry to say are no business man, and even if you make your 10k in 1 day I'll still be laughing my ass off...

Look at the whole picture, it just doesn't add up. Sorry dude it doesn't...

BTW I've made more than that in 4 days, so umm yeah whatever..:p