gift tax texas

02-14-2001, 07:27 PM

prophecy

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Do companies pay taxes on gifts received?

I own a company that sells books on social issues. Some people send free money gifts in addition to making purchases because they believe in our work. They realize we are not a tax exempt org. Gifts are sometimes sent to me by name and also some to my company name. Are these gifts taxable or excluded under the $10,000 per person rule? Should I report them as income? Thank you for advice.

[Edited by prophecy on 02-17-2001 at 05:05 PM]

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