gambit00x
23-04-2007 23:55:57
When it comes to taking money as a gift, is it worth going the extra mile to claim the >$600 gift and having to file a W-9 or is it a complication worth avoiding? (Taking into account the extra referrals needed to get to the higher prize).
stueybaby17
24-04-2007 09:26:17
A W-9 is extremly easy to fill out. It's your name address and social. And that's it. I filled one out because it was worth it to me.
But many people wont' do that.
skepticalcynic
24-04-2007 09:31:12
I think it all depends on your tax situation. Once you file that W-9 you'll need to claim your 'gift' as income when you file taxes. Some people may find that to be a disadvantage while others won't have any negative effects.
stueybaby17
24-04-2007 10:04:02
[quote9063717bd3="skepticalcynic"]I think it all depends on your tax situation. Once you file that W-9 you'll need to claim your 'gift' as income when you file taxes. Some people may find that to be a disadvantage while others won't have any negative effects.[/quote9063717bd3]
Yes, and if you make a lot of money on a particular network it is worth filling out a w-9. If you are only going to make $600 it isn't worth the w-9 for the network.
dudeextrem2000
24-04-2007 16:34:46
i just finished my taxes, and since i didnt make enough, it didnt cost me a penny... it goes under "prizes and bonises" or something like that