http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money Wed, 14 Jul 2010 19:28:48 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money/comment-page-1#comment-2849 Mary Guernsey Wed, 03 Feb 2010 04:43:17 +0000 http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money#comment-2849 yes yes

]]> http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money/comment-page-1#comment-2848 Mary G Wed, 03 Feb 2010 02:43:05 +0000 http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money#comment-2848 Ok to start this is a bit sickening to me, I didn't do a fundraiser when I had my babies and believe me I could have used the money. Next yes you would have to pay taxes it is income. If you do a it as non-profit no. However seems to me you would profit in gaining a child. So yeah it isn't really non profit is it? Can I just add this is a crass question and a little crazy making to me. Seems to me if you can't afford adoption you can't really afford a baby either. Just food for thought children are very expensive you know.. (yeah that was on purpose but you get the point right?) Ok to start this is a bit sickening to me, I didn’t do a fundraiser when I had my babies and believe me I could have used the money.
Next yes you would have to pay taxes it is income. If you do a it as non-profit no. However seems to me you would profit in gaining a child. So yeah it isn’t really non profit is it? Can I just add this is a crass question and a little crazy making to me. Seems to me if you can’t afford adoption you can’t really afford a baby either. Just food for thought children are very expensive you know.. (yeah that was on purpose but you get the point right?)

]]> http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money/comment-page-1#comment-2847 hearts Wed, 03 Feb 2010 02:36:52 +0000 http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money#comment-2847 yes you have to makie it non-profit if its profitable it violates the law... also some people prefer it non-profit because so it doesn't go to your personal interest... for taxes it really depends what state you are in so i suggest you go to your main city hall and ask if any taxes apply in your state for you fundraiser... i really suggest you go do your fundraiser beause all the good things you do in your life will be returned later on... yes you have to makie it non-profit if its profitable it violates the law… also some people prefer it non-profit because so it doesn’t go to your personal interest…
for taxes it really depends what state you are in so i suggest you go to your main city hall and ask if any taxes apply in your state for you fundraiser…
i really suggest you go do your fundraiser beause all the good things you do in your life will be returned later on…

]]> http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money/comment-page-1#comment-2846 boxersdo Wed, 03 Feb 2010 02:15:51 +0000 http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money#comment-2846 To fundraise for something only you benefit from is unethical and morally wrong and possibly illegal. To fundraise for something only you benefit from is unethical and morally wrong and possibly illegal.

]]> http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money/comment-page-1#comment-2845 Ayo A Tue, 02 Feb 2010 22:33:38 +0000 http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money#comment-2845 yeah, it's income. look it up on irs website though. yeah, it’s income.
look it up on irs website though.

]]> http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money/comment-page-1#comment-2844 Adoption Tue, 02 Feb 2010 20:44:28 +0000 http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money#comment-2844 taxable and tacky... it's like a twofer taxable and tacky… it’s like a twofer

]]> http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money/comment-page-1#comment-2843 phillipa Tue, 02 Feb 2010 14:09:58 +0000 http://www.babymake.com/if-i-want-to-fundraise-to-pay-for-a-private-adoption-do-i-have-to-pay-taxes-on-the-money#comment-2843 The short answer is: yes. The longer answer is: if someone gives you a gift of money, it is not taxable. If you have a garage sale, technically it's taxable, but since most things are sold below their value, there's no net gain or profit to be taxed. If you sell things you made, even as a hobby, that income must be reported as "other income". If you work for profit (e.g. have a car wash), that income must also be reported in the same way. Hope that helps! The short answer is: yes. The longer answer is: if someone gives you a gift of money, it is not taxable. If you have a garage sale, technically it’s taxable, but since most things are sold below their value, there’s no net gain or profit to be taxed. If you sell things you made, even as a hobby, that income must be reported as “other income”. If you work for profit (e.g. have a car wash), that income must also be reported in the same way. Hope that helps!

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