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If I have a Gofundme account, do I need to report this on my taxes for Year 2023? The amount I received was $8,200.00.

I had surgery and this help me pay some medical bills, utilities, and mortgage because my employer shut down his business when I was in the hospital.
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2 Replies

If I have a Gofundme account, do I need to report this on my taxes for Year 2023? The amount I received was $8,200.00.

The funds were a gift and don’t have to be reported. 

DianeW777
Expert Alumni

If I have a Gofundme account, do I need to report this on my taxes for Year 2023? The amount I received was $8,200.00.

No.  If you solicited money and the money was received as a gift for your personal use then it would not be taxable, but considered a gift.

If crowdfunding contributions are made as a result of the contributors' detached and disinterested generosity, and without the contributors receiving or expecting to receive anything in return, the amounts may be gifts and therefore may not be includible in the gross income of those for whom the campaign was organized

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