We’d like to set up a gofundme fundraiser for my friend who’s young son has cancer. She’ll need to reduce her working hours to look after him during chemo etc.
Before doing this we would like to know the tax implications of fundraising like this, so she’s not caught out during tax time, after what will be an already tough year.
Any advice?
Thank you!
Hi @gmfreeek,
We have some information on crowdfunding on our website - it sounds like your fundraising would fall under donation-based crowdfunding. In this case, there wouldn't be any tax implications, as the income received would be considered gifted income. I would recommend taking a look at the examples on the page linked above, as it gives some examples of similar situations.
Best of luck, and I hope this was helpful!
Hi @gmfreeek,
We have some information on crowdfunding on our website - it sounds like your fundraising would fall under donation-based crowdfunding. In this case, there wouldn't be any tax implications, as the income received would be considered gifted income. I would recommend taking a look at the examples on the page linked above, as it gives some examples of similar situations.
Best of luck, and I hope this was helpful!
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