Do You Have To Pay Taxes On Gofundme Money Received
Olivia Luz
I created a gofundme account to raise money for a group of feral cats.
Do i have to claim this on my taxes or is this a gift as mentioned on their website. 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. Generally donations made to gofundme campaigns are considered personal gifts and as such are not taxed as income. This is one of the easier ways to solicit gifts from friends family and even strangers for a cause.
If you donate to a person for medical expenses funeral expenses or just because however you can not deduct the gift on your taxes. In most cases the funds received through a donation based site like gofundme are not taxable. So unless a brady fan is particularly generous his or her gofundme gift won t be taxed. If you donate to a irs approved 501 c 3 organization through gofundme then your donation is tax deductible according to charitable gift tax laws.
Donation based crowdfunding is one of the most popular sources of trying to raise funds for medical needs home renovations funeral arrangements etc. 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. The irs has handed out big tax bills to people who have received large sums of money on go fund me in the last couple of years many are still being fought as they can be considered gifts. Additionally these donations are not tax deductible for donors.
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