Assuming that you're run under a nonprofit, I think that if people give you bikes, those are donations. If people buy the bikes, I think that's a donation as well and I'm not sure they have to pay taxes. I would call the IRS to confirm. On May 23, 2015 7:33 AM, "Martin, Eric Vance" evmartin@indiana.edu wrote:
Clarification: I don't mean anything to do with sales taxes, which we pay on everything we sell. I mean, is this effectively a (cash) donation? Would it be evidence of public support for the IRS?
On May 23, 2015, at 10:17 AM, Martin, Eric Vance evmartin@indiana.edu
wrote:
People give us bikes, and we sell them. This is our main income.
Should we be treating this/reporting this as related business income or
as a donation (realized FMV of an in-kind donation)? What do you guys do?
We have a fiscal agent. Let's say the answer does not affect their
public support test.
The ThinkTank mailing List <a href="
http://lists.bikecollectives.org/options.cgi/thethinktank-bikecollectives.or... from this list</a>
The ThinkTank mailing List <a href=" http://lists.bikecollectives.org/options.cgi/thethinktank-bikecollectives.org">Unsubscribe from this list</a>