Is money raised at a fundraising dinner considered income?

[amanda26]

Our friends want to hold a fundraising dinner for my husband who needs a $50,000 medical procedure (not covered by insurance). They anticipate raising $20,000. Since this is over the $14000 gift amount does it need to be reported as income? I can only find info about charities and non-profits which we are not.

[DoninGA]

The income from the fund raiser would be gifts given by individual(s) to your husband.  Gifts received from an individual are not reported on a federal tax return, regardless of the amount received.

Only the giver of the gift if over $14,000 to a single individual has to report the gift given on an IRS Form 709.

Gifts given to individuals are not deductible on a federal tax return as a charitable donation.