http://www.pressies.org/irs-gifts-to-children/
IRS Tax question Egg donation 1099ed?
I was paid 8,000 for donation of my eggs and am wondering if there is anyway around paying the high taxes on this. I have had a huge amount of medical complications from it, I am glad the family was able to have a healthy child but would advise anyone that is thinking of doing this to think twice it was not worth my now poor physical condition. Is there any way I can report it as a gift or deduct it somehow? Thanks!
yes, the party did report it already, this was for my 2006 taxes i already got a notice from the irs for not reporting it.
The $8,000 you received is fully taxable. It goes on Line 21 of Form 1040, Other Income. It can NOT be treated as a gift as another respondent claims since the person who gave you the money got something in return.
Your medical unreimbursed medical expenses are deductible to the extent that they exceed 7.5% of your AGI. You may or may not get any tax benefit from that depending upon your AGI and other deductions. Other than that, there’s no way to reduce the tax due on the $8,000.
Toys For Tots PTBTV Events (BIG RICH ap.9 CELLSKI ray luv SAN JOSE poppin tags BARC emcee t)
