If my website generates income through donations, do I need to pay taxes on that income? Additionally, how can I determine how much tax I would owe, if any? I’d like to understand the specific rules, such as whether donations are considered taxable income, and if there are any exemptions or thresholds that might apply. Could you clarify this, especially if the website is a nonprofit or operates in a personal capacity?
The general rule is that all income is taxable. The exception is if you're registered as a non-profit entity with the iRS/state. Just declaring your website to be not-for-profit is not enough. This would probably require a lawyer to draw up the necessary legal documents.
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