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It's the artist's responsibility to pay their own taxes. And yes - anonymous gifts like that are taxable income too.
by zirgs 4y ago
It's the artist's responsibility to pay their own taxes. And yes - anonymous gifts like that are taxable income too.
- prirun 4y agoI disagree. A gift is not taxable. If I send a check to you in the mail because I like your HN nickname, you don't pay taxes on that. You might need to pay taxes on a Patreon account if you have set it up for the purpose of supporting a business venture, but if you have set it up for donations to an ailing relative for example, IMO you do not owe taxes. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes https://www.irs.gov/businesses/small-businesses-self-employe... Take this with a grain of salt, I am not a tax attorney nor an accountant.
- ptman 4y agoDepends on where you are based. It may not be a gift if you receive something in return. And in Finland, where I live, gifts over a certain value are taxable income