Just trying to figure out if I need to report this income or is it exempt.
2006-11-07 04:22:27 · 9 answers · asked by C C 1 in Business & Finance ➔ Taxes ➔ United States
I would call your local IRS agency with this question. Check it out before someone reports you for NOT reporting it and receives a "bounty" for their call.
Because you received monetary reimbursement, I would say it counts as income.
HOW MUCH MONEY IS POSSIBLE IN PLASMA DONATIONS?
$20/unit X 2 times a week = $40 X 12 weeks in a year = $480
2006-11-07 05:51:28 · answer #1 · answered by Anonymous · 0⤊ 2⤋
So much is up in the air about this. Some consider it a gift, which would make it non taxable. Some say it isn't. Donating plasma can be very iffy. I could go in now and be turned away because my iron level is low and there goes my regular donating or turned away for a period of time due to medication I might be on. I have researched this myself. Some tax officials say you have to pay taxes on it. But yet I have an uncle working for the IRS that says no.
2016-10-12 19:09:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Make a itemizing of what you % to donate. Take photos. flow to goodwill and locate out what fixtures sells for. Be sensible that it is not somewhat worth very lots. If the total is extra suitable than $5000, you % an appraisal. Then at tax time, you record time table A, attaching variety 8283. in case your time table A is *extra* that your familiar deduction, you're taking the better volume. the quantity over your familiar deduction situations your tax value (you're interior the 15% bracket) is the quantity via which your earnings taxes might drop. in case you do no longer often itemize, and had $6000 to itemize, you will possibly would desire to pay for an appraisal, just to get $80 5 returned. in my opinion at that time i might the two carry a storage sale or donate without reason of having a tax income.
2016-10-21 10:27:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If that is your only income and it is less than $400 you need not file a return. If you have other income and the total exceeds your standard deductions and exemptions you should include any income regardless of the source.
2006-11-07 05:35:06 · answer #4 · answered by ? 6 · 0⤊ 1⤋
Well, it is not exempt. My question is how much income is their in blood money? If its under $400, forget about it. Otherwise you should report it, and claim the expenses incurred as well.
2006-11-07 04:38:28 · answer #5 · answered by extra_37 4 · 0⤊ 2⤋
I believe any income under $600 does not have to be claimed. Its real easy to be sure, just go to your local library at tax season and read through the 1040EZ booklet, that will answer any questions you have
2006-11-07 06:27:41 · answer #6 · answered by GAgirl 4 · 0⤊ 2⤋
That is something you need to bring up with your tax advisor or whoever does your income taxes.
2006-11-07 04:27:25 · answer #7 · answered by Nuthouse 4456 5 · 0⤊ 1⤋
income is income.. if your honest you'll report it.
2006-11-07 12:07:00 · answer #8 · answered by ari_is_me 3 · 1⤊ 2⤋
Yes it is, but it is up to you whether you claim it or not.
2006-11-07 04:29:29 · answer #9 · answered by curiositycat 6 · 0⤊ 0⤋