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lmraschke55
New Member

If we received just under 20,000 from a go fund me that was set up for us in 2014 and did not receive a 1099 how do we report it now in 2016

We did not receive a 1099 because they reported it under the person that set up the 1099. How do we report it now and will there be penalties there were less than 200 gifts
1 Reply
MichaelMc
New Member

If we received just under 20,000 from a go fund me that was set up for us in 2014 and did not receive a 1099 how do we report it now in 2016

Money received from donors through a GoFundMe account is generally considered a personal gift and is not reportable as taxable income.

If the money was intended to cover medical expenses related to a catastrophic illness or injury, or for some other personal emergency, you would be well-advised to keep records of the amounts received and the corresponding disbursements for those expenses.

Here is a link to some information directly from the GoFundMe website: GoFundMe - Am I responsible for taxes?

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