Taxes on Donations

Hello,

To be considered a contribution you must meet one of the following:

1. A state or United States possession (or political subdivision thereof), or the United States or the District of Columbia, if made exclusively for public purposes;
2. A community chest, corporation, trust, fund, or foundation, organized or created in the United States or its possessions, or under the laws of the United States, any state, the District of Columbia or any possession of the United States, and organized and operated exclusively for charitable, religious, educational, scientific, or literary purposes, or for the prevention of cruelty to children or animals;
3. A church, synagogue, or other religious organization;
4. A war veterans' organization or its post, auxiliary, trust, or foundation organized in the United States or its possessions;
5. A nonprofit volunteer fire company;
6. A civil defense organization created under federal, state, or local law (this includes unreimbursed expenses of civil defense volunteers that are directly connected with and solely attributable to their volunteer services);
7. A domestic fraternal society, operating under the lodge system, but only if the contribution is to be used exclusively for charitable purposes;
8. A nonprofit cemetery company if the funds are irrevocably dedicated to the perpetual care of the cemetery as a whole and not a particular lot or mausoleum crypt.

If you are not a nonprofit mentioned above then this is considered income to you and be reported on your Schedule C for self employment.

Also those contributing to you would not be able to deduct the donations on their tax returns. 

I have provided a couple of links for you explaining charitable (non taxable) donations and schedule C (self employment)

https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions

https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Sorry dude ... you may call  them "donations"  but that is not what they are since you are not a verifyable charity. They are self employment for your producing the channel and posting it and every $$ must be reported as SE income. 

I view these payments as gifts. The IRS defines a gift as "Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return." Assets such as cash or electronic payments you receive as a gift or inheritance typically aren’t taxable income at the federal level.

Ruth C-L, CPA, Attorney

TurboTax Expert