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New Member

Do I have to pay taxes for money donated to me after a catastrophe?

 
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Level 15

Do I have to pay taxes for money donated to me after a catastrophe?

True gifts are transfers where the donee (that is you in this instance) transfer nothing in return. In other words, you give nothing to those donating money or property to you.

 

The person receiving a gift does not pay tax on the value of the gift.

 

See https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

Highlighted
Level 15

Do I have to pay taxes for money donated to me after a catastrophe?

If these funds were cash gifts from individuals, then you do not report the gifts received on a tax return, regardless of the amount received.