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Hmmm. I had assumed (and it appears I am wrong about this), than when people got hundreds of thousands of dollars in donation, there would be some tax event.
Hmmm. I had assumed (and it appears I am wrong about this), than when people got hundreds of thousands of dollars in donation, there would be some tax event.
Interesting.
Anyone one person can give you 14k per year or something like that without tax issues. If the gift exceeds that they tax burden actually belongs to the person gifting not receiving
Anyone one person can give you 14k per year or something like that without tax issues. If the gift exceeds that they tax burden actually belongs to the person gifting not receiving
What if the individual is not residing in the US, nor is a US citizen? We plan to ask my father-in-law for $100k in the next two years to pay off our mortgage.
What if the individual is not residing in the US, nor is a US citizen? We plan to ask my father-in-law for $100k in the next two years to pay off our mortgage.
No tax issues except you have to report the income to the IRS if it's over 100k in a year but not pay taxes on it.
Are people taking into consideration/paying taxes for the GoFundMe accounts they create?
According to the GoFundMe website, "most donations on GoFundMe are simply considered to be 'personal gifts' which are not taxed as income in the US".
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