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

lmraschke55 · ‎May 31, 2019

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

MichaelMc · ‎May 31, 2019

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?

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