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How do I report income from gofundme donations?

 
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3 Replies

How do I report income from gofundme donations?

Recipients of GoFundMe contributions do not include those contributions in their Federal income tax return.  They are considered gifts and gifts are not taxable income.

elbar75
New Member

How do I report income from gofundme donations?

Is the gift/donation from GoFundMe considered non-taxable no matter the amount? What if it is greater than $20,000?

How do I report income from gofundme donations?


@elbar75 wrote:

Is the gift/donation from GoFundMe considered non-taxable no matter the amount? What if it is greater than $20,000?


Gifts received are never entered on a tax return regardless of the amount of gift received.

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