The nature of your campaign and how you go about collecting funds play a big role in whether the IRS will deem the money you raised to be taxable.
Crowdfunding organizations, such as GoFundMe, have made it easier than ever to raise and collect funds for personal causes.
If you found yourself at the helm of a campaign last year, or if you set up a fundraiser for another person, chances are that meeting your donation goal was top of mind. But there are also some important tax considerations to be aware of as you prepare to file.Is crowdfunded money taxed? Donations can be considered nontaxable gifts for tax purposes, according to the IRS.
Some crowdfunding websites also make it easier to distinguish between a personal campaign and fundraisers run by 5013 organizations. GoFundMe, for example, has a separate landing page for campaigns run by charitable organizations, and Kickstarter encourages donors to reach out to project creators directly to confirm whether a donation is tax-deductible.
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