Do You Have To Pay Taxes On Gofundme Pages
Olivia Luz
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.
Donations made to gofundme fundraisers are usually considered to be personal gifts which for the most part aren t taxed as income. However any income that arises from the donations for example bank interest would be taxable as usual. Generally donations made to gofundme campaigns are considered personal gifts and as such are not taxed as income. Search the gofundme site for cancer or bills or tuition or accident or operation and you ll find pages of campaigns with a couple thousand or a couple hundred or zero dollars in contributions.
Additionally these donations are not tax deductible for donors. The annual gift tax exclusion given to the donor is 15000 for the year 2020 and it was the same for the 2019 tax year as well. Generally no but it requires careful consideration when you prepare your tax return. But you can always check with a tax professional to be sure.
Do you have to pay taxes on go fund me money. Medical expenses trips educational costs funerals medical bills if it s hanging over your head gofundme is almost always there. If you donate to a cause on gofundme you may or may not have to pay taxes on gofundme donations. No recipients generally do not have to pay tax on donations made to them.
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Gofundme can be used to fund almost anything. It is best to consult with your own tax adviser cpa as every situation is different. 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 a personal gofundme fundraiser rather than a charity fundraiser are generally considered to be personal gifts and are not guaranteed to be tax deductible.
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