SIGforum.com    Main Page  Hop To Forum Categories  The Lounge    A gofund me question
Go
New
Find
Notify
Tools
Reply
  
A gofund me question Login/Join 
32nd degree
Picture of roarindan
posted
a woman started a gofundme page to raise money for a reward leading to the arrest of the people that shot a moose out of season.
Who gets the money if they never find the perp.??
Can she keep it?
is it taxable?
ect.


___________________



"the world doesn't end til yer dead, 'til then there's more beatin's in store, stand it like a man, and give some back"
Al Swearengen
 
Posts: 4607 | Location: East Overshoe, second buckle from the top. | Registered: January 20, 2007Reply With QuoteReport This Post
Member
Picture of mcrimm
posted Hide Post
Can she keep it - I would say yes.
Taxable - Yes

Take a look at what GFM charges for its benevolent services. They win big - Dead moose or not.



I'm sorry if I hurt you feelings when I called you stupid - I thought you already knew - Unknown
...................................
When you have no future, you live in the past. " Sycamore Row" by John Grisham
 
Posts: 4291 | Location: Saddlebrooke, Arizona | Registered: December 24, 2013Reply With QuoteReport This Post
A Grateful American
Picture of sigmonkey
posted Hide Post
And in the end, Moose is still dead.




"the meaning of life, is to give life meaning" Ani Yehudi אני יהודי Le'olam lo shuv לעולם לא שוב!
 
Posts: 44717 | Location: ...... I am thrice divorced, and I live in a van DOWN BY THE RIVER!!! (in Arkansas) | Registered: December 20, 2008Reply With QuoteReport This Post
Eating elephants
one bite at a time
Picture of ffips
posted Hide Post
It is actually a hassle to transfer funds from GoFind me to someone who is not the creator of the account. I found it easier to give the non-creator the login info and then let them take over the account.

As I recall (2 year old recollection), there is about a 7% vig, 5% goes to GoFundMe and 2% goes to the bank running the transaction (seems the bank is also or was set up by GoFundMe).

Knowing this, I prefer to donate directly to the person in need where/when possible.
 
Posts: 3587 | Location: in the southwest Atlanta metro area | Registered: September 10, 2006Reply With QuoteReport This Post
Nosce te ipsum
Picture of Woodman
posted Hide Post
GoFundMe has a mechanism for the creator to refund all donations. It would be fraud for the creator to keep the funds; there is a law enforcement office somewhere eager to prosecute such misactions, 'cause that keeps them in business.

Yes to IRS transgression if kept without declaring, but like Paypal, they may or may not send paperwork to the taxing authority for smaller amounts. PP and eBay go with this:

Third-party payment processors issue Form 1099-K when you have at least $20,000 in transactions and 200 transactions. The issuer sends a copy to the IRS, and a copy to you, for your records.
 
Posts: 8759 | Registered: March 24, 2004Reply With QuoteReport This Post
  Powered by Social Strata  
 

SIGforum.com    Main Page  Hop To Forum Categories  The Lounge    A gofund me question

© SIGforum 2024