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    t-real's Avatar
    t-real Posts: 1, Reputation: 1
    New Member
     
    #1

    Mar 26, 2010, 08:58 PM
    Can I receive donations and resale as a profit with out being a non-profit business.
    Im planning on opening a thrift store, my question is can I receive donations and resale for
    A profit with out being a non-profit business.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 27, 2010, 06:53 PM

    You can take in free items people give you, they are not "donations" since there is no tax credit given. They merely give you things, without being able to claim any tax credit. So you can't accept donations, but you can let people give you things, or buy them cheaply to resale.

    As a regular for profit business, you will have to keep a record of the items taken in, and what if anything you paid for it, and any profit made on the sale which you will have to show as income.

    Also you will have to change taxes ( city, county and state) on items you sale.
    And anything you buy, you will need a re-sale tax number

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