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Yes -- Report the fundraising proceeds as income and then include the amounts you gave to charity as a charitable donation on your Schedule A.
You should consider setting up a separate not-for-profit entity for the fundraising activities so the money doesn't have to be channeled through your personal return.
There are different types of fundraisers and different means of acquiring the funds. This IRS guides may help you.
Thanks for those links! It sort of helps but most of them still look at it from the point of charity itself and as if they held the fundraising events. In this case, we held the event, took in the money and then gave it to the charity. We have all the records and donators have receipts for the charity benefited. Just trying to make sure how to handle it as this is was the first year of a full year of full blown fundraising efforts that we raised a decent amount of money for the charities.
Yes -- Report the fundraising proceeds as income and then include the amounts you gave to charity as a charitable donation on your Schedule A.
You should consider setting up a separate not-for-profit entity for the fundraising activities so the money doesn't have to be channeled through your personal return.
Thank you and that helped a lot, too! hopefully, next year we won't have as much as an issue as we have set up a 5013c to raise money for the charities we support.
Your very welcome! Setting up the 501(c)(3) was a smart move -- good luck!
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