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I have a dum question to ask.
I have a client who says he has received $4000.00 in 2021 for donating blood and there har not been any form issued.
So how do you show this on the tax return.
I thought of contacting my ex wife since she got all of mine but she is dead now.
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$4,000? Obviously your client is a vampire who has a Schedule C for being in the business of collecting blood. The question is - is this a Sec. 199A QBI activity?
On a side note what is the cost of your own blood. If it's the sale of personal property not at a gain then I would think it's ignored? Curious to hear other answers.
And next we'll hear about donating sperm and more.........
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To come to think about it He does have funnl looking teeth.
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Either he has a rare blood type or this is for plasma.
Apparently getting paid for plasma is big business in some parts of the country.
The more I know the more I don’t know.
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sjrcpa - stop being logical. Think out of the box. Vampire is a better answer. Or - - maybe he goes around to crime scenes, collects the blood and sells it in containers. I'll look on Amazon or Ebay.
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Very true.
But in thecase of my x wife she did not buy she got it free compliments of the court.
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"and there har not been any form issued."
They are typically paid on a refillable debit card, so that would fall under 1099-K rules. They would have provided their SSN to the blood/plasma bank.
@TaxGuyBill has argued this point with the TurboTax crowd. Let's see if he'll update this.
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