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Donation And Taxes.
I have a server and have made in total over $1000, this year like $700 so I think I was fine last year. But now that it's over $600 for this year how would I go about filing taxes through paypal or whatever. Has anyone had experience with this before? Thanks.
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From a previous thread, some stuff won't really apply to you.
Once you do start reporting to the IRS, you'll probably want to file it as hobby income and hobby expense.
http://www.irs.gov/uac/Business-or-Hobb ... Deductions
Not exactly too sure though, you might want to ask some professional help if needed.
DtigerCSKIt won't really matter unless you are getting a decent amount of donations. Once you start gaining 4 digits a year, you'll probably want to report that, although many don't get anywhere near that. It also will depend on where you live and where your server is located. Also, avoid the term "donation." You're not running a charity and you "may" get in trouble for it. Check out PhonicUK's blog post for more stuff.
Once you do start reporting to the IRS, you'll probably want to file it as hobby income and hobby expense.
fugue2005Unless you register as an actual business and are running your server as a business it's a hobby according to the tax laws.
http://www.irs.gov/uac/Business-or-Hobb ... Deductions
Not exactly too sure though, you might want to ask some professional help if needed.
Bump
I live in the us btw
