Will I have to pay tax?

[Deleted member 775678]

 

[Trepanated]

Is the money being donated to you personally, or to a company you own?

And what do you use the money for?

 

[Deleted member 775678]

Its being donated to me personally, I don't own any business.

And, I am going to be using the money to pay an app developer, advertising, and other expenses that might come up.

 

[Trepanated]

Its being donated to me personally, I don't own any business.

And, I am going to be using the money to pay an app developer, advertising, and other expenses that might come up.

It would most likely be considered as taxable income. I say 'most likely' because it could possibly be considered a gift, depending on the circumstances.

Having said that, if it is all being used for business expenses, you may not end up paying any tax.

You should speak to an accountant though, especially as you are not talking about small donations and they appear to be ongoing.

 

[kypso]

Donations are also a source of income and depending on where you are living you will have to pay taxes on this income.

K.