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]

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..

[WillK]

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

[bvc50721]

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

[Opus 17]

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.