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Now that i'm about to start my journey i'm really unsure what to do when it comes to taxes. How did everyone do theirs?
Some people say you don't have to report it. That's fine, but if you don't, the IRS could get on your back. My CPA says the best thing in this case is to report it because it is extra money coming into the household, but that you can be gifted up to $10,000. You can also request your contract to show it as living expenses, rather than compensation. The best thing in this case to do, is to call your lawyer who specializes in surrogacy and then a licensed tax person to talk about that side of it. There are just too many variables. I've seen surrogates not report and it bite them in the butt, but at the same time others nothing happened to. It all depends I guess. FTR: I report mine and the CPA determines the "gift" amount based on IRS laws (which I'm not entirely familiar with) and it makes it easier. Because what IF I ever got audited and had to attest to my income? That would suck if I couldn't explain additional monies, or have to fight what is and isn't taxable based on wording of my contract.
Mom to many
1 Girl 2011 and 1 Boy 2013. Their family is COMPLETE!