Do You Have To Pay Taxes On Go Fund Me
Olivia Luz
To the fullest extent permitted by applicable law in no event will gofundme s total liability to you for all damages losses including contract negligence statutory liability or otherwise or causes of action exceed the amount you have paid gofundme in the last six 6 months or if greater one hundred dollars 100.
The amounts may change year to year from the irs. Generally donations made to gofundme campaigns are considered personal gifts and as such are not taxed as income. A gift does not have to go to a family member as someone stated above. Under irs rules an individual can give another individual a gift of up to 14 000 without tax implications.
The underlying interpretations and rules regarding any go fund me account can create significant tax questions and raise significant tax issues to the recipients. Under its previous pay structure the company made more than 124 000 in the eight days after the sutherland springs shooting. On november 30 2017 gofundme introduced a 0 platform fee for new personal fundraising campaigns based in the u s. While gofundme states on their website that most donations are considered personal gifts and are not subject to income tax it warns every situation is different and to consult a tax expert.
The irs does not consider fundraising proceeds a taxable source of income however you could still owe taxes depending on how the funds were used and if anything was provided in exchange. Donations made to gofundme fundraisers are usually considered to be personal gifts which for the most part aren t taxed as income. So even though that person receives many donations the amounts of each. So unless a brady fan is particularly generous his or her gofundme gift won t be taxed.
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Additionally these donations are not tax deductible for donors. 5 each case is different. As of jan 2018 we have a 0 fee in canada and uk too this means that gofundme doesn t charge a platform fee to fundraisers. If for example a now retired professional athlete has come on hard times and is looking for donations to help with his mounting debt and legal bills a tax obligation is likely in the athlete s future for any donations obtained.
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