Is GoFundMe Tax-Deductible?

GoFundMe is a crowdfunding platform that allows people to raise money for a variety of causes, including medical expenses, disaster relief, and educational costs. Donations made to GoFundMe are generally not tax-deductible, but there are some exceptions.

The IRS considers GoFundMe donations to be personal gifts, which are not tax-deductible. However, if you donate to a GoFundMe campaign that is organized by a registered 501(c)(3) nonprofit organization, your donation may be tax-deductible.

To claim a tax deduction for a donation to a GoFundMe campaign organized by a 501(c)(3) nonprofit organization, you must keep a receipt from the organization. You can also claim a tax deduction for the cost of any expenses you incurred in connection with your donation, such as shipping costs or processing fees.

If you don’t receive the full amount of your GoFundMe goal, you can still claim a tax deduction for the amount you donated. However, you cannot claim a tax deduction for any expenses you incurred if you don’t reach your goal.

If you cancel your GoFundMe campaign, you can still claim a tax deduction for the amount you donated. However, you cannot claim a tax deduction for any expenses you incurred if you cancel your campaign.

For more information on whether or not your GoFundMe donation is tax-deductible, you can consult with a tax professional.

FAQ

• What is GoFundMe?
• How does GoFundMe work?
• Are GoFundMe donations tax-deductible?
• How much of my GoFundMe donation is tax-deductible?
• What expenses can I deduct on my taxes?
• How do I claim my GoFundMe donation on my taxes?
• What if I don’t receive the full amount of my GoFundMe goal?
• What if I cancel my GoFundMe campaign?

II. What is GoFundMe?

GoFundMe is a crowdfunding platform that allows people to raise money for a variety of causes, including medical expenses, disaster relief, and personal emergencies. GoFundMe is not a charity, but rather a platform that connects donors with fundraisers.

Are GoFundMe donations tax-deductible?

Yes, donations made to GoFundMe are tax-deductible in the United States. However, there are some restrictions on what types of donations are eligible for a deduction.

To be eligible for a deduction, a donation must be made to a qualified charitable organization. GoFundMe is a platform that allows people to raise money for charitable causes, so donations made through GoFundMe are eligible for a deduction as long as they are made to a qualified charitable organization.

The amount of your donation that is tax-deductible depends on the type of donation you make. For example, donations to a 501(c)(3) organization are fully tax-deductible, while donations to a 501(c)(4) organization are only partially tax-deductible.

You can claim your GoFundMe donation on your taxes by filing Form 8283, which is the form used to claim charitable deductions.

For more information on the tax deductibility of GoFundMe donations, please visit the IRS website.

Yes, donations made to GoFundMe are tax-deductible in the United States. However, there are some restrictions on what types of donations are eligible for a tax deduction.

To be eligible for a tax deduction, your donation must be made to a qualified charitable organization. GoFundMe is a platform that allows people to raise money for charitable causes, so donations made through GoFundMe are eligible for a tax deduction as long as the recipient organization is a qualified charitable organization.

You can find a list of qualified charitable organizations on the IRS website.

The amount of your donation that is tax-deductible is limited to the amount that exceeds the value of any goods or services you receive in return for your donation. For example, if you donate $100 to a GoFundMe campaign and receive a $20 t-shirt in return, your tax-deductible donation is $80.

You can claim your GoFundMe donation on your taxes by filing Form 8283, “Noncash Charitable Contributions.” You must attach Form 8283 to your tax return and include a description of the goods or services you received in return for your donation.

How much of my GoFundMe donation is tax-deductible?

The amount of your GoFundMe donation that is tax-deductible depends on the type of campaign you created. If you created a personal fundraiser, your donation is not tax-deductible. However, if you created a campaign for a nonprofit organization, your donation may be tax-deductible.

To determine if your donation to a nonprofit organization is tax-deductible, you need to know the organization’s tax status. You can find the organization’s tax status on its website or by calling the organization.

If the organization is a 501(c)(3) nonprofit organization, your donation is tax-deductible. However, if the organization is not a 501(c)(3) nonprofit organization, your donation is not tax-deductible.

You can also deduct the cost of any fundraising expenses you incurred, such as the cost of creating your campaign page or the cost of promoting your campaign. However, you can only deduct fundraising expenses if you itemize your deductions on your tax return.

For more information on the tax deductibility of GoFundMe donations, you can consult with a tax professional.

VI. What expenses can I deduct on my taxes?

You can deduct the following expenses on your taxes when you donate to GoFundMe:

• The cost of goods or services you purchased for your GoFundMe campaign
• The cost of marketing and advertising your GoFundMe campaign
• The cost of fundraising events you hosted
• The cost of any professional fees you paid to help you with your GoFundMe campaign

You can also deduct the cost of any travel expenses you incurred while you were working on your GoFundMe campaign.

However, you cannot deduct the cost of your personal expenses, such as your food and clothing.

If you have any questions about what expenses you can deduct on your taxes, you should consult with a tax professional.

VII. How do I claim my GoFundMe donation on my taxes?

To claim your GoFundMe donation on your taxes, you will need to keep the following documentation:

• Your GoFundMe donation receipt
• Your Form 1099-K (if you received one)
• Your tax return

Once you have gathered your documentation, you can follow these steps to claim your donation on your taxes:

1. On your tax return, find the line where you list your charitable donations.
2. Enter the amount of your GoFundMe donation on that line.
3. If you received a Form 1099-K from GoFundMe, attach it to your tax return.
4. Sign and file your tax return.

For more information on how to claim your GoFundMe donation on your taxes, please consult with a tax professional.

What if I don’t receive the full amount of my GoFundMe goal?

If you don’t receive the full amount of your GoFundMe goal, you can still claim the amount you did receive as a tax-deductible charitable donation.

To claim your donation, you will need to keep a record of the amount you donated, as well as the date and time of your donation. You will also need to keep a copy of the receipt that GoFundMe sends you after your donation is processed.

When you file your taxes, you will need to include the amount of your donation on Form 8283, Noncash Charitable Contributions. You will also need to attach a copy of the receipt that GoFundMe sent you.

For more information on claiming your GoFundMe donation on your taxes, please consult with a tax professional.

IX. What if I cancel my GoFundMe campaign?

If you cancel your GoFundMe campaign, you will not be able to receive any of the funds that have been donated to your campaign. However, you may be able to claim a tax deduction for the donations that were made to your campaign before it was cancelled.

To claim a tax deduction for cancelled GoFundMe donations, you will need to file Form 8283, Noncash Charitable Contributions. You will need to include the following information on Form 8283:

• The name and address of the GoFundMe campaign organizer
• The date the GoFundMe campaign was cancelled
• The total amount of donations that were made to the GoFundMe campaign
• The date the donations were made
• A description of the goods or services that were donated

You will also need to attach a copy of the cancelled GoFundMe campaign page to your Form 8283.

If you have any questions about claiming a tax deduction for cancelled GoFundMe donations, you should consult with a tax advisor.

FAQ

1. What is GoFundMe?
2. Are GoFundMe donations tax-deductible?
3. How much of my GoFundMe donation is tax-deductible?