MrBeast reveals tricky tax situation after giving away millions of dollars YouTubeJimmy \u2018MrBeast\u2018 Donaldson is known to give out large amounts of money to random people, but this comes with a toll when he files his taxes each year. If you\u2019re a small Twitch streamer and you\u2019ve ever seen MrBeast\u2019s name pop up in your channel, you know you\u2019re in for a good time. MrBeast is known for donating large sums of money to various streamers, the amounts of which can reach upwards of tens of thousands of dollars. As MrBeast has recently discovered, this creates a problem when tax time rolls around. MrBeast has a lot to deal with when it comes to taxes In a recent episode of the H3 Podcast, MrBeast was a guest and he touched on his complicated tax situation due to his constant charitable efforts. \u201cThe hard part is when I give my boys $100K to spend, who pays taxes on it?\u201d MrBeast asks. \u201cThem? They can\u2019t taxes on it so I guess I have to pay taxes on it.\u201d He brings up an interesting point about game shows requiring winners of cars or vacations to pay taxes on the prize, which he guesses leads people to not accept the prizes at all. MrBeast says he spent $500K last year on videos which will no doubt be messy when he goes to file them this year. Are MrBeast\u2019s donations tax deductible? When asked if his videos would open him up to a tax deduction since his donations are actually expenses, MrBeast didn\u2019t sound so sure if that was the case. \u201cI\u2019m pretty sure someone has to pay,\u201d he said. \u201cWe\u2019re going to find out.\u201d Read More: Top 20 most subscribed YouTube channels – He also mentions that even if someone gets gifted something like a car, they will still have to pay taxes on it, despite not buying it themselves. He shared an example of buying a car for one of his friends, which also echoes back to winning a car from a game show. \u201cI buy him a car and then it\u2019s like pay $8,000 on this car I gave you when they don\u2019t have $8,000,\u201d he said. \u201cThat\u2019s the dilemma so I have to take it upon myself.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
MrBeast reveals tricky tax situation after giving away millions of dollars YouTubeJimmy \u2018MrBeast\u2018 Donaldson is known to give out large amounts of money to random people, but this comes with a toll when he files his taxes each year. If you\u2019re a small Twitch streamer and you\u2019ve ever seen MrBeast\u2019s name pop up in your […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-55676","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/55676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/comments?post=55676"}],"version-history":[{"count":0,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/55676\/revisions"}],"wp:attachment":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/media?parent=55676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/categories?post=55676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/tags?post=55676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}