Are Go Fund Me contributions tax deductible?

Are Go Fund Me contributions tax deductible? 

Are go fund me donations taxed?

Are go fund me accounts taxed?

Most beneficiaries of Go Fund Me contributions are eager to know if donations taxable to the recipient or donors.

GoFundMe is a for-profit crowdfunding platform that allows people to raise money for events ranging from life events such as celebrations and graduations to challenging circumstances like accidents and illnesses.

In any crowdfunding setting, there are two key players; the donor and the recipients. Now, many people want to know if the contributions are tax deductible.

Are Go Fund Me contributions tax deductible?

Are Go Fund Me contributions tax deductible?

The answer is NO.

WHY? in order for a donation to be tax deductible it would need to be made to a qualified organization.  GoFundMe is crowdsourcing, not a qualified organization, so the donation you made to that individual through GoFundMe would be considered a gift and is not tax deductible.

From Go Fund Me Website “Donations made to GoFundMe personal fundraisers are generally considered to be personal gifts and are not guaranteed to be tax-deductible. “

Donations made to an individual or for the benefit of an individual, or individuals are not deductible. Only donations made to organized charitable organizations recognized as such by the IRS are deductible.

But donors can claim charity tax deductions… here’s how:

To claim a charitable income tax deduction for a gift, the gift must be to a qualified charity.  Gifts to help individuals in need do not count as deductible donations.  So unless the account was set up by a tax-exempt charity, I’m afraid your gift is not deductible.

From their website (personal campaigns are almost guaranteed not to be deductible, despite what is says about checking with a tax pro):

Donations made to a GoFundMe Personal campaign are generally considered to be personal gifts and are not guaranteed to be tax-deductible. You can always check with a tax professional to be sure. Only donations made to a GoFundMe Certified Charity campaign are guaranteed to be tax-deductible.

Not sure if you donated to a Certified Charity campaign? You should’ve received a tax-deductible receipt from our charity partner FirstGiving. You can also visit the campaign you donated to and look for the ‘Certified Charity’ badge.

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