topic I raised $22,729 in GOFUNDME account for my son who became paralyzed. I deposited this money in my savings account for future potential medical needs.Is this taxable? in Deductions & credits

I raised $22,729 in GOFUNDME account for my son who became paralyzed. I deposited this money in my savings account for future potential medical needs.Is this taxable?

bvc50721 — Tue, 04 Jun 2019 20:44:55 GMT

Is the money I raised in the GOFUNDME account for my son taxable to me in 2016 since the money is currently in my savings account but will only be used in the future if medical expenses arise. so far no medical expenses were incurred..

Did you receive a 1099-K or a 1099-MISC?

WillK — Tue, 04 Jun 2019 20:44:57 GMT

Did you receive a 1099-K or a 1099-MISC?

no I did not receive a 1099k or a 1099 Misc.

bvc50721 — Tue, 04 Jun 2019 20:44:58 GMT

no I did not receive a 1099k or a 1099 Misc.

Generally, that money is gifts and is not taxable, presum...

Opus 17 — Tue, 04 Jun 2019 20:44:59 GMT

Generally, that money is gifts and is not taxable, presuming that you did not perform any services or give out merchandise (other than tokens of appreciation with minimal value.)

If you receive a 1099-MISC or 1099-K, there are two potential ways to report that on your tax return that will leave the money non-taxed. However, the IRS may inquire, so make sure you keep all the records related to the campaign.