topic Do i need to claim funds raised donation from a fund raiser to help with medical expenses? in Deductions & credits

Do i need to claim funds raised donation from a fund raiser to help with medical expenses?

evanvanderwall — Mon, 03 Jun 2019 20:04:20 GMT

Were you the recipient of the funds or did you host the f...

MaryK1 — Mon, 03 Jun 2019 20:04:23 GMT

Were you the recipient of the funds or did you host the fundraiser?

I was the recipient, but hosted the fundraiser on youcari...

evanvanderwall — Mon, 03 Jun 2019 20:04:24 GMT

I was the recipient, but hosted the fundraiser on youcaring.com

Great! so would I need to make sure to NOT deduct the med...

evanvanderwall — Mon, 03 Jun 2019 20:04:24 GMT

Great! so would I need to make sure to NOT deduct the medical expenses associated with the fundraiser? since the fundraiser paid for the expenses?

No, if you were the recipient, you would not have to repo...

MaryK1 — Mon, 03 Jun 2019 20:04:25 GMT

No, if you were the recipient, you would not have to report or pay tax on the income- it would be considered a gift which is not taxable to the recipient. Just be sure to keep the records of how much you received in case the IRS did ask..

Great! so would I need to make sure to NOT deduct the med...

evanvanderwall — Mon, 03 Jun 2019 20:04:26 GMT

Great! so would I need to make sure to NOT deduct the medical expenses associated with the fundraiser? since the fundraiser paid for the expenses?

Correct- I had added to keep track of the specific medica...

MaryK1 — Mon, 03 Jun 2019 20:04:28 GMT

Correct- I had added to keep track of the specific medical expenses even though it is not required, but it is a good idea to show that you did dedicate the money to specific medical expenses

Thank you so much!!!

evanvanderwall — Mon, 03 Jun 2019 20:04:29 GMT

Thank you so much!!!

Technically, as a gift, if it is given with the requireme...

MaryK1 — Mon, 03 Jun 2019 20:04:31 GMT

Technically, as a gift, if it is given with the requirement that you MUST (in which case written documentation would be a good idea) use it for medical expenses, you may be able to argue that it would be deductible (based on legal case law) but it is not 100% guaranteed and honestly, it would not be worth the hassle of a fight especially because it would jeopardize the future ability of these types of fundraisers. (just my opinion, you need to concentrate on getting well)

Thank you for your advice! you've been really helpful!

evanvanderwall — Mon, 03 Jun 2019 20:04:32 GMT

Thank you for your advice! you've been really helpful!