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Deductions & credits
Crowdfunding can be taxable to the recipient depending on the circumstances. If people gave money to you and received absolutely nothing in return from anybody for giving, it sounds like a gift. However, you will receive a 1099-k for the income you received and the IRS will know about it. Most crowdfunding involves raising money for business or a service (or good) is received, those are all taxable income. Be prepared to prove that this was all charity, if it was. Otherwise, claim it as income.
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‎January 13, 2022
4:52 PM