Hi @Ajay7 ,
Great questions.
1. For the gifted items, your tax liability would depend on type of gift you would receive. Here is a great FAQ link from the IRS, https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax..., which can help address most of the gift questions.
2. Your quarterly estimated tax payments are based on your net profit. Here is another link that can help you get setup with the quarterly tax payments. A Guide to Paying Quarterly Taxes.
Do reach out with any following questions, after reviewing the links above.
Deep
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