Do you need to pay taxes on money made donating semen ?

Question

Do you need to pay taxes on money made donating semen / sperm?

Also i think ive heard that there is actually an incentive to deduct taxes if you donate, is at all true?

Answer 1

Technically yes, you are supposed to claim any money you receive (non-gift) and pay taxes.

Reality is that unless one company pays you more than $599 in a year, they won't report you so you can pretty safely not claim it, just know that not claiming income is fraud.

Answer 2

Well.... The word "Donate" is not accurate when referring to donating semen. If you are getting paid, your are selling semen. Don't confuse this with making a charitable donation. They are completely different things.

The tax code says that all income is taxable.... That being said, if the sperm bank does not have your SSN#, the IRS will never know about it... If you make more than $600 from any one sperm bank, then you will receive a 1099 from the bank and the IRS will be notified... unless they don't have your SSN#.

Based on the tax code, if someone on the street gives you $5 to perform a service, you are supposed to claim it.... But 99.9% of the population wouldn't.

My advice... Claim it if you get a 1099.

Answer 3

Yes, if you are paid, you pay taxes on what you are paid.

The deduction you are thinking about is a charitable deduction (which this would not be) of money or property that you own - there can be a tax deduction for charitable contributions.

Answer 4

Anything that you are paid is taxable as ordinary income to you. There is no deduction for donating any bodily fluid or parts.