Quote:
Originally Posted by ApK
Based on my exhaustive research of the matter (30 seconds on Google just now) I find these two possibly relevant IRS pages:
Gifts:
https://www.irs.gov/businesses/small...-on-gift-taxes
I can see nothing here that suggests the receiver of a small gift would be required to declare it or pay taxes on it. (Does the publisher have a tax impact from giving away thousands of dollars worth of free books per year? Possibly.)
Barter income:
https://www.irs.gov/taxtopics/tc420.html
(I'm figuring barter might be relevant if this is considered getting paid in books for services as a reviewer.)
Even if this applies, it seems you have to get a lot of free books to reach the level where you'd have to declare them.
So I wonder, too, on what does fiat_lux base the belief that one needs to list an ARC on one's federal income tax return? |
Yes, barters are taxable. Publication 525, I believe. And both parties are supposed to report "fair market value" on what they received as income. The market value of the book would mostly likely be it's full retail (non-zero) price. The author has to determine what the market value is for a non-professional book review. That could potentially add up if you give out several ARCs.