Author Topic: Tax implications of a GoFundme campaign  (Read 428 times)

katsiki

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Tax implications of a GoFundme campaign
« on: July 12, 2018, 07:30:26 PM »
Is anyone familiar with the tax implications of "managing" a gofundme campaign for a friend?  I have read that it "should" be a non-issue but also read that the IRS has gone after some recipients.  Any firsthand experience?

I am wondering if there is anything that I can do to help separate the funds also. ie a separate bank account.

Thanks in advance for any advice!

Sibley

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Re: Tax implications of a GoFundme campaign
« Reply #1 on: July 14, 2018, 02:54:57 PM »
I would imagine it would be 1099-MISC income, not subject to self employment tax and taxed accordingly.

katsiki

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Re: Tax implications of a GoFundme campaign
« Reply #2 on: July 14, 2018, 05:49:46 PM »
Thanks for the reply.  I may begin setup and see what information is requested.