pumpkinpies
Junior Member
I have a large collection of historical paper items that would be of interest to people doing genealogy and historical research (i.e., hundreds of thousands of items including letters, documents, photos, etc.). The closest comparison would be ancestry.com except my documents are one-of-a-kind items handed down through families as opposed to material taken from public records. I want to place these on a web site and generate income from ad networks and affiliate ads.
As this site will attract many users I also am thinking of adding a shop for the sale of antiques and collectibles. I have 18 years experience selling online on 3rd party sites but want to move to my own site. The income from the non paper antiques would be declared on my income taxes as a separate business as they are now. It would be way for site users to make a non charitable contributions to the site as profits on the antiques would allow me to use some of my time to run the site.
I want to setup a nonprofit to accept donations from people who enjoy the site that would qualify as charitable deductions for the donors. These would include monetary contributions and donations of paper items that users wish to have placed on the site. The monetary contributions would be paid to me as a contractor for use of my equipment and my time spent photographing, catalog items and indexing items on the site. I would then report these funds as taxable income on my own tax return. The paper items would be added to the collection and web site.
What would be the best way to organize this and meet all tax requirements?
As this site will attract many users I also am thinking of adding a shop for the sale of antiques and collectibles. I have 18 years experience selling online on 3rd party sites but want to move to my own site. The income from the non paper antiques would be declared on my income taxes as a separate business as they are now. It would be way for site users to make a non charitable contributions to the site as profits on the antiques would allow me to use some of my time to run the site.
I want to setup a nonprofit to accept donations from people who enjoy the site that would qualify as charitable deductions for the donors. These would include monetary contributions and donations of paper items that users wish to have placed on the site. The monetary contributions would be paid to me as a contractor for use of my equipment and my time spent photographing, catalog items and indexing items on the site. I would then report these funds as taxable income on my own tax return. The paper items would be added to the collection and web site.
What would be the best way to organize this and meet all tax requirements?