Taxes: Receiving Gofundme and Fundraising Proceeds

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mortfree
Posts: 606
Joined: Mon Sep 12, 2016 7:06 pm

Taxes: Receiving Gofundme and Fundraising Proceeds

Post by mortfree » Sun Jun 18, 2017 11:43 am

What are the tax implications when a go fund me page is setup as well as receiving proceeds from various fundraisers?

ETA: medical related
Last edited by mortfree on Sun Jun 18, 2017 1:19 pm, edited 1 time in total.

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jhfenton
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Location: Ohio

Re: Taxes: Receiving Gofundme and Fundraising Proceeds

Post by jhfenton » Sun Jun 18, 2017 1:13 pm

Usually proceeds of charitable-type fundraisers and GoFundMe pages are personal gifts. If the money is to defray medical expenses, funeral costs, wedding costs, etc., then it should not be taxable. If the fundraisers are related to a business or business-like hobby, it would probably be treated as business revenue. If, for example, you're trying to raise money to produce an album or fund a film project, you would have to count it as revenue on a Schedule C. Those are less common on GoFundMe, but they exist. (In contrast, just about anyone on Patreon, for example, is going to have to report the proceeds as income, because even if the money received is not compensation for a specific song or story, it is related to their artistic profession.)

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