I'm curious. Are these be considered taxable gifts by the IRS &/or GA DOR?
Short version: Gave caveats to consult his own tax attorney, to comply with all reporting obligations under the code, and to pay all lawful taxes due to each entity to which he may owe taxes but likely 1099k reporting, and likely no liability.
Long version: My reading of the code treats crowdfunding contributions made as a result of the contributors' detached and disinterested generosity, and without the contributors receiving or expecting to receive anything in return, as gifts and therefore excluded in a calculation of gross income.
Likewise, I would have liability if it were gross income but a crowdfunding organizer who solicits contributions on behalf of others and distributes the money raised to those for whom the crowdfunding campaign was organized has a reporting liability (1099K) but no tax liability.
I’m using a dedicated crowdfunding platform (FundRazr) and payment processor (PayPal) to manage tax reporting (1099K) and record-keeping (dispersals) so as to ensure treatment of the gifts as gifts and not income, which is what the 2.9%+.30/dip pays for.
I remain very grateful for everybody who has reminded me to check on it and ensure that we’re doing our best to keep records and keep Para out of trouble next April!
Support Para! https://fundrazr.com/01zWgc?ref=ab_8BFKzc
^^^^^ Don't know another thing you can do Rob...nice job !
|Be prepared for loud noise and recoil|
“Crisis is the rallying cry of the tyrant.” – James Madison
"Keep your fears to yourself, but share your courage with others." - Robert Louis Stevenson
|E tan e epi tas|
So those of us who have contributed get a hard copy of “the rules” now right?
"Guns are tools. The only weapon ever created was man."
Nah, you just need the secret sign.
Happy to help!
Was in early anonymously. Only piping up for the karma.
Really appreciate this site. Thanks, Para!
Late to the party but kicked in.
I'm grateful for the opportunity to contribute to this great forum. I appreciate all that you do!
Diligentia, Vis, Celeritas
I was hoping for the unitard…..
|Money won is sweeter |
than money earned
Glad to help out.
Einstein defines insanity as "Doing the same thing over and over and expecting different results"
Happy to help out one of my favorite hangouts.
I've gladly contributed, and would have long ago if allowed.
All your 10mm are belong to us
Para, thanks for making this a great place to be. Happy to help, wish I could do more.
Sorry been away for a few days. Concurring with Legal Beagle’s post.
We all gave with no expectations of nor did we receive anything of value. We will not be claiming the monies sent as a charitable contribution on tax returns
We also expect no repayment of the gifted amount.
If individually we gave greater than $16,000 we will need to report this on our gift tax return.
If the above is followed it should be not taxable to the recipient.
Para or Legal Beagle please reach out directly if you would like to discuss further. Or talk about forms you might receive.
Thanks very much, James. This confirms my understanding of the tax statutes. I appreciate you chiming in.
And thanks once again to all who've contributed. All of this has been a great comfort to me, and overwhelming, to say the least.
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