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If I received $12,500 from a GoFundMe account set up for my dog (who was diagnosed with cancer), is this taxable income in WI and, if so, where do I report it?

 
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DanielV01
Expert Alumni

If I received $12,500 from a GoFundMe account set up for my dog (who was diagnosed with cancer), is this taxable income in WI and, if so, where do I report it?

It depends.  Much has to do with the structure you set up on the account.  This TurboTax website provides guidance:  https://turbotax.intuit.ca/tips/how-to-declare-crowdfunding-income-on-your-taxes-6267

If you were providing a type of service through the account, it will likely be considered as a "business", and you would be taxed on the net income after expenses are subtracted out.  However, if the donations you received are altruistic (nothing back expected), it is possible that these are considered gifts that are not taxable.  

As the website itself says, there is a lot of gray area to this subject.  Keep good documentation if you have a justifiable stance to exclude it from your income.  

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1 Reply
DanielV01
Expert Alumni

If I received $12,500 from a GoFundMe account set up for my dog (who was diagnosed with cancer), is this taxable income in WI and, if so, where do I report it?

It depends.  Much has to do with the structure you set up on the account.  This TurboTax website provides guidance:  https://turbotax.intuit.ca/tips/how-to-declare-crowdfunding-income-on-your-taxes-6267

If you were providing a type of service through the account, it will likely be considered as a "business", and you would be taxed on the net income after expenses are subtracted out.  However, if the donations you received are altruistic (nothing back expected), it is possible that these are considered gifts that are not taxable.  

As the website itself says, there is a lot of gray area to this subject.  Keep good documentation if you have a justifiable stance to exclude it from your income.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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