Technically its a donation so how would that work.
Is it tax deductible?
2007-09-25 10:39:24 · 4 answers · asked by a11city 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Yes, any compensation would be taxable income. It's not a donation even though the clinic uses the term "donated" egg or sperm if you are compensated for it. And no, it's not tax deductible.
2007-09-25 12:10:28 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
If you donate something there is no compensation so there would be no tax. Since only donations to registered charities are deductible there would be no deduction for the "value" of the donation.
Should you sell sperm or eggs, any money you receive would be taxable as ordinary income.
2007-09-25 13:40:32 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
How would it be tax deductible? There's no monetary value on the egg itself as far as the donation goes. If you receive money for the egg you'd pay taxes on the money you received for the egg.
2007-09-25 11:13:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If it's a donation, there is no resulting compensation. There is nothing technical about it. A donation is something given for free.
If it's a sale,, or some kind of award, then the income must be reported, yes.
2007-09-25 10:49:04 · answer #4 · answered by Ruth C 7 · 0⤊ 1⤋