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