Theres a new video on the iowa state football page on the ESPN. Apparently it's over $50,000 raised now, being matched twice, so over $150,000. That's a lot of money.
Odd angle here, but I'm genuinely curious - what are Carson's tax implications after all this is done? He's been gifted $80,000+. Does he have to claim that as income? Then, claim the charitable deduction after he donates it?
Also, the level of this donation is easily up to a point he could have naming rights to something in the hospital. CyHawk Children's Lounge, etc.
Waving doesn't, maybe buying the tshirt does. I'd like to welcome you and Patrick Riley as our newest Hawk trolls.
I wondered this today, too. My guess is that he would have to claim it, but then it would be cancelled out (minus the money he kept to buy a case of Busch Light) by the charitable donation.
Odd angle here, but I'm genuinely curious - what are Carson's tax implications after all this is done? He's been gifted $80,000+. Does he have to claim that as income? Then, claim the charitable deduction after he donates it?
Also, the level of this donation is easily up to a point he could have naming rights to something in the hospital. CyHawk Children's Lounge, etc.
Odd angle here, but I'm genuinely curious - what are Carson's tax implications after all this is done? He's been gifted $80,000+. Does he have to claim that as income? Then, claim the charitable deduction after he donates it?
Also, the level of this donation is easily up to a point he could have naming rights to something in the hospital. CyHawk Children's Lounge, etc.
Paging @isufbcurt
My sister texted me yesterday and asked me that too. I can honestly say i don't know because I am not sure how Venmo works as I've never dealt with it.
Usually these types of transactions are considered gifts. It all depends on it Venmo issues a 1099K to the individual receiving the donations.
Based on the following: "A TPSO is only required to file a form 1099-K when reporting payments to a participating payee or provider of goods and services vendor. If a contractor exceeds 200 transactions or $20,000 of sales during the course of the year TPSO’s are required to report the gross payments before any processing or merchant fees are applied to the IRS."
I would assume he will receive a 1099K and have to report it on his taxes.
He of course would be able to claim a charitable contribution for the amount donated to the hospital, but that is a itemized deduction and is limited to 50% of his AGI.
This is my understanding as well after some research. Basically, there's a good chance this kid gets a tax bill at the end.
Not sure how it works but as far as I know gifts/prizes over $600 have to be claimed as income. Maybe as long as each donation is considered by itself, only taxes would be paid on donations in excess of $600.
Not sure how it works but as far as I know gifts/prizes over $600 have to be claimed as income. Maybe as long as each donation is considered by itself, only taxes would be paid on donations in excess of $600.
My sister texted me yesterday and asked me that too. I can honestly say i don't know because I am not sure how Venmo works as I've never dealt with it.
Usually these types of transactions are considered gifts. It all depends on it Venmo issues a 1099K to the individual receiving the donations.
Based on the following: "A TPSO is only required to file a form 1099-K when reporting payments to a participating payee or provider of goods and services vendor. If a contractor exceeds 200 transactions or $20,000 of sales during the course of the year TPSO’s are required to report the gross payments before any processing or merchant fees are applied to the IRS."
I would assume he will receive a 1099K and have to report it on his taxes.
He of course would be able to claim a charitable contribution for the amount donated to the hospital, but that is a itemized deduction and is limited to 50% of his AGI.