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Talk to your lawyer and or/ your CPA or tax professional
Nora and I receive a lot of books, most unsolicited
We have started three church Libraries and have receipts from nonprofits that certainly add up to more than we received.
AND unless you want to use them as insulation, you can donate them to a 501c3 for a tax deduction
A couple questions: Did you receive a 1099 or any other tax documentation from the person/company you got the books from. If so, you need to report this on your taxes. I am a tax preparer and have never run into this situation. If you donate the books to church libraries, you can ask the church secretary for written documentation. Then it can be taken on your taxes as an itemized deductions and some states allow a subtraction to the taxable income if you have more than $500 in charitable contributions. Since I have never seen this, I do not know if you could consider this a business and take the donations as a business expense.
This is a very good and interesting question. When I have training for the next tax season I will try to remember to ask questions.
Connie, we readers and authors do this constantly, and I've never heard of anyone accounting for the review of a book as a barter. In fact, Amazon specifies that the author cannot insist on a review for the gift of the book or for money. The author GIVES the book and hopes the reader will review it and post reviews. I think that settles the question. I'm glad to welcome you as a friend.
We are posting videos here in the this group to help all of our members figure out how to use this site :-)
We will be posting videos all the time now, basically going through the entire site.
Created by Phred St Laurent May 27, 2010 at 11:35pm. Last updated by Phred St Laurent May 31, 2010.
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