Tax implications of GoFundMe?

"mkbruin, Atlas VP" (mkbruin) 03/01/2018 at 12:44 • Filed to: None

0

5

In the not too distant future I’ll be fundraising for an upcoming mission trip to the slums of Niarobi, Kenya. I’m thinking about using GoFundMe for donations from my social media efforts. If 100% of funds raised go to the charitable mission efforts, are there tax implications?

Shoop > mkbruin, Atlas VP 03/01/2018 at 13:04

1

I dunno, Im not an accountant.

LOREM IPSUM > mkbruin, Atlas VP 03/01/2018 at 13:07

2

I can’t say that I know, but it would probably be advisable to have any donations go directly to whatever non-profit is heading this up, if there is one, and if possible.

If it hits your personal account, I’d be afraid of it being considered income, or worse, somehow misconstrued as fraud despite your honorable intentions.

...but I don’t know, and hope you’re able to find someone who does.

RPM esq. > mkbruin, Atlas VP 03/01/2018 at 13:49

2

Are you asking about tax implications for yourself or for your donors? Either way, I think the key fact you need to know is that only donations directly to qualified charities are tax-deductible, and you are probably not a 501(c)(3).

Onceicaughtafishalive > mkbruin, Atlas VP 03/01/2018 at 14:03

2

In general, donations through a service such as GoFundMe would be classified as gifts as long as they are not for the support of a business or trade. Therefore, there would be no tax deduction for the giver and also no taxes due by the receiver. FYI I am an accountant.

Transit > mkbruin, Atlas VP 03/01/2018 at 15:02

0

What organization are you going with?

Also, be sure to keep us up to date!