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Received a 1099-k for first time but gave all proceeds to a chartable organization. Can I subtract it?

 
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4 Replies
MindyB
Expert Alumni

Received a 1099-k for first time but gave all proceeds to a chartable organization. Can I subtract it?

Unfortunately, you cannot subtract the donation directly from the 1099-K income line to zero it out.

 

Instead, if you donated the proceeds to a qualified organization, you can claim that as an itemized deduction. It’s important to note that this only reduces your taxable income if your total itemized deductions exceed the standard deduction for the year.

Received a 1099-k for first time but gave all proceeds to a chartable organization. Can I subtract it?

what did you do to receive the 1099-K?  It may not be taxable. 

Received a 1099-k for first time but gave all proceeds to a chartable organization. Can I subtract it?

I sold tickets to a film I made and showed it at a local movie theater but didn't keep any of the ticket sales and gave it to an organization.  It was only around $1,100.00.  Thanks

 

Received a 1099-k for first time but gave all proceeds to a chartable organization. Can I subtract it?

Okay.  It's not enough to exceed the standard deduction.  Thank you for your quick reply.  

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