turbotax icon
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

New Member

Is GoFundMe taxable?

2 Replies

Is GoFundMe taxable?

Funds received from GoFundMe are gifts and gifts received are not taxable nor reported on a tax return.  Nor are the funds given to GoFundMe deductible as a charitable donation. 

Is GoFundMe taxable?

That depends on whether you promise to do anything in return for the money.  If you promise to perform a service or provide goods, then you are probably in business, and this is business income.


If these are gifts, and you have not promised to do anything in return, then they are not taxable.  However, as mentioned above, gifts to a specific person are never tax deductible, even if the person is needy.  The donors can't take a tax deduction, and if you give receipts that suggest the donations are tax deductible, that would be tax fraud.  


You may receive a 1099-K form showing the amount of the gifts.  That does not mean the money is taxable, but you have to report the 1099-K on your tax return so the IRS sees that you have dealt with it correctly. We can tell you how to do that next year if necessary. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies