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re: Reporting proceeds to donate to charity on 1040
Posted on 7/11/19 at 2:17 pm to LSUFanHouston
Posted on 7/11/19 at 2:17 pm to LSUFanHouston
quote:Pretty close, as in we know the founder/exec director. But I don't think they can/will handle the shirt sales. Multiple teams for the 5k create/sell shirts and donate the proceeds.
How close are you to the 501c3? Is there any way the sale of the shirts can be handled directly by them, even if you make them?
We have asked other teams and they say they don't report it, but I would rather go by the book if at all possible and have us covered.
2
Posted on 7/11/19 at 2:32 pm to PJinAtl
quote:
We have asked other teams and they say they don't report it, but I would rather go by the book if at all possible and have us covered.
If you were audited and you do everything else right, I doubt theyd even hit you with an assessment on that money. I'm telling you it's not worth adding schedules and self employment income to your return over this.
Posted on 7/11/19 at 4:53 pm to PJinAtl
quote:
but I would rather go by the book if at all possible and have us covered.
I can appreciate that.
When the IRS does a "bend you over" audit, which is very rare these days, they are looking for unexplained and unreported large cash deposits. This is not what they are looking for.
Look, sometimes my kids play on teams, and some mom makes team shirts and we all give her $10 for it. I doubt that she's reporting that.
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