Tax Warning: GoFundMe donations can cost you a big tax bill
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- เผยแพร่เมื่อ 23 ก.พ. 2017
- Crowd funding or crowd sourcing has exploded in popularity. From campaigns for a boy's medical bills, a man's trip to study abroad, or a woman's expenses to attend an opera academy. All in need of money for their own reasons. But you could be setting yourself up for some unexpected tax implications.
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So we as Americans face bankruptcy when we go to the hospital and when kind citizens help us out, we get taxed on the donations that were needed to cover the cost for our disastrous healthcare system. Great country we have here.
It's insane how many Americans are content with it being this way
Money that has already been taxed should not be taxed again wtf
Hmm? Your hourly salary is at least double taxed.
IRS taxation has no basis in law. There is no law on any books or statutes in federal department that justifies being taxed. Taxation of US citizens were never approved by congress or a president. If you do not file, you own nothing. If you file, you are VOLUNTEERING to pay.
You think that's bad if your a citizen living in another country the IRS taxes you on the income you earn in that country on top of what that Country taxes you. Under the Obama administration FATCA was created that makes it difficult for expats to get a bank account, then to make up for the loss in revenue they would get from expats denouncing there citizenship because of FATCA they quadrupled the exit filing fee to denounce
@@_nom_ and you think that's okay we people fucking work hard every fuckingbday of the day not me though because I live on Social Security which is bullshit I have a disability and it's not easy to deal with it's called What does it mean to be cognitively impaired?
What is cognitive impairment? Cognitive impairment is when a person has trouble remembering, learning new things, concentrating, or making decisions that affect their everyday life. Cognitive impairment ranges from mild to severe. My life ain't easy and everybody else got money coming out their ass's
@@carolsydney6905 Yeah no. Luckly theres people who know on how to Trick around this cause otherwise this would Start a war soon.
It is very sad that people cannot raise money or do anything without the Government being in their Business !
@@justinpieces1856 "Uncle Sam" pays for: your roads and trying to keep the water you drink, and the air you breath clean. Those things along with thousands of other little things that make up the "Civilized World"
@@iceops69 “Uncle Sam” doesn’t pay for a damn thing, taxpayers do.
@@TheMattj88 Duh! Thanks for setting me straight, i did not know that. How stupid i am.
What i was trying to say is how much "Civilization" do you think we would have if not for having a "Government"? And, in our case, the shakey case of the "free world", we are extremely lucky ours is loosely based on the idea of "of the people, for the people, and by the people." And, if you look back in history, and I'm sure you do - everybody does don't they -You might see that without a government, any form of government, we humans have the tendency to live in anarchy, a dog-eat-dog world where Might means Right. A world where one is either on top of, or on the bottom of the shit pile. A world where the Golden Rule is "Do unto others, BEFORE they do unto you". There is a price paid for having a Civilization. .
@@iceops69 it's already been like that you fucking stupid bitch this is why eventually We the People are going to cause a World War 3 and everybody's going to be fucking killed I live on Social Security for God's sake and I can't even have a job because of my disability a GoFundMe should be a GoFundMe not the other around I would tell the IRS come at me we can have a World War III watch what you say government is a piece of shit they can keep printing out money after money after money they're not going broke so why bother even though we work we still get taxed so we're not getting the whole money that we earn and we earn for we ain't no slave bitch's around here
@@iceops69 how else the system could've been possibly designed. Unfortunately that's life
Gofundme is considered “personal gifts”. It’s non taxed ppl
Only up to a certain amount.
If they going to tax for a gofundme, then tax churches. They get donations.
I always said government is like or worse than mafia
it is the mafia. it is organized crime.
They are not the mafia. It is necessary. Without government it would be total anarchy. I have no problem paying taxes and neither should you. Are you a Christian? Jesus was very pro government. "Give to Caesar what is Caesar's". Taxes are a good thing.
That English
@@therealness6979 taxes are good thing ? Lmao thats how mafia works
@@therealness6979 Pretty sure they were referring to taxing the generous donations.. not the regular taxes ...
Leave it to government to ruin a perfectly good thing
The Darwinist
The Establishment wants their tax breaks funded.
Because it’s their fault it is this way to begin with so it’s only natural they would fuck it up more
Next up, Go Fund Me to pay a Go Fund Me tax bill.
The worse part is most of the people that donate are friends and family. Gofund me also takes a cut
Government is the biggest Gangster of them all.
pls
So, they took about 60 % for tax.
They act like you have just won their lottery game, the tax taken out is ridiculously high.
You get the whole pie , but you have to share a piece of the whole pie with them.
Give cash under the table and cut out these government crooks
They were already taxed from us that gave.
America...land of dreams hhh...wtf?!! How do you guys arrange to live with this system?!!!
Go to north Korea to see that in some places people can't even wear jeans without getting their entire blood line forced into slavery
Don't believe what you see on tv.
@@Bleepbleepblorbus what about uk?
stop paying these thugs
And if your on SSI or SSDI, all moneys must be reported to the SSA and will be deducted from your disability check!!! FACT!!!
Good to know the family didn’t have to pay anything. What I’ve gathered from several videos is that you need to keep records so that you can prove the money wasn’t from you selling an item or service.
I hate the healthcare system in this country. We need to have nationwide free healthcare.
This is daylight robbery. What is the justification of taxing donations?
So what's the amount for GoFundMe that's not taxed?
That's why i add the tax charged to the go fund me.
So my neice may have to pay taxes on her GoFundMe campaign to afford her father's funeral? That's kind of a kick to the gut.
So did she?
@@babydaddy4257 the standard deduction and tax credits covered what little she raised.
You probably shouldn't reveal his last name online because that's quite a breach of privacy.
@@pouchonguersaint5289 I had hoped others would have donated but it seems leaving the name in the message was a wasted effort.
My view of humanity has not been improved.
@@DevilTravels Hopefully your niece can pay for the funeral one day!
So do the people who give money get write offs 🤔
not to mention gofundme's outrageous hidden fees.
I was about to contribute to a gofundme campaign when gofundme cancelled the fund because they did not like the cause. What happened to the money in the fund?
Here's the thing go to your CPA and the fees used to pay for the consultation you can add that to the gofundme donation.
What if you want to raise money to help improve people's houses in a very poor third world country? Each house would only need about $1,000 - 3000 ... I guess it would be best to set up some type of nonprofit organization for that? Thank you for the good video
Well I WAS going to start a GoFundMe campaign to help with college loan bills but I think I'm just going to go about it the usual way and work until my feet fall off lol. Between GoFundMe's 8% take away and the IRS soaking their feet in your plans I'm going to not screw with that.
Just go to the irs website hell turbo tax and see the tax bracket that your donations fall into and take that percentage out of your money not that hard💁💁💁
So. That means I should not use go found me. Even if I got problem. Thats bad. I have a situation on my self. And now. I hear a bit surprice about tex. Question. How much could it be.
Yeah, it's considered income. Just like donating. If you donate to non profit, it's tax deductible. If you just donate to a person for their personal use, it's not., and you just gave your money away.
That's really low down.
Dude so we have to pay to be safe? Somebody I know went to a mental hospital and it was 3k? A night. I don't know exactly how that works.
So the person receiving the money will have to pay taxes on that? That should not be in the fine print, it should be on a banner, lol
How much money would you be charged. And how much money would need to be raised so they can tax you?
Any donation over $600 they will come see you about. They take 30% at the end of the year.
@@kingfrozt2305 Thank you!
why at tax when donations are already taxed from the earner? FU TAX MAN
Good to know. Thank you
See it depends on what the money is used for. A lot of times a portion of the donations is used to make up lost income during the time the person was sick or injured which should be a taxable event since it is not used for the sole purpose of the medical expenses. Medical bills are tax deductible so when they file they will not be taxed on the money that was used for it. Any excess is taxed because it gives the beneficiary the discretion on how to spend it similar to how we have the discretion to spend our pay check. I am not against go fund me for those who are sick but you really need to screen and determine what exactly the money is being used for. Most people have medical insurance and I understand deductibles and out of pocket expenses are high but not at the amount of six figures which I see a lot of people try to raise. My classmate from high school had an ongoing battle with cancer which kept coming back for him so he was sick and unable to work to get medical insurance. His family was also exhausting other alternatives to raise funds by collaborating with local businesses and selling fundraiser items. His case was the right approach to go fund me because he exhausted all his sources first. The criticism of Gofund me would make insurance companies more complacent in paying claims knowing that people would donate money to cover the cost, also for profit hospitals would also be motivated to charge more knowing people will donate money anyway. So it becomes a vicious cycle of people unable to access affordable health care!
This is unbelievable oh my gosh!
IRS. What does it stans for. Are they just like FATF(Finans Action Task Force.)
How do i know if there are donations are being made
So what the amount that goes on their radar so we stay under that amount .?
And how is it that the money that’s donated is already taxed by the donor and then taxed again on go fund me ?!
Dam that’s fucked up! I hate our government so much! You can’t even be given money to solve some of your fuckin problems without them sticking their fuckin noises in it.
Does anybody know how many percent the tax? I don`t know either they don`t tell because it`s high.
rafmael appx 43.4% was the rate - like bonus and commissions.
30000 on 50000 it's quite simple. That was 60% I don't know if that's what you're asking. Everything else but depend on your total income
Why the fk does the government need money from donations? Dam greedy pos they didn't help the cause they didn't loan or donate any money so they don't deserve to get shit!
does that apply to non americans and not living on america ?
1:24 Anyone else notice the windows pop-up sound 😂
What about my dogs medical and surgical bills?
If you're in USA? Don't go over $10,000 US dollars a year of course.
if I'm a minor and make one do I still get taxed?
Being a minor doesn't make one exempt from taxes (earned income, inheritance, gifts, etc). You can look into the IRS publications on the irs.gov site. Even 4 year olds can have income that is taxable.
RW0575 wtf
If you make $600 or more, then you have to report it. It is consider income, if you don't want to be taxed move to Tennessee or other income tax free state.
Then whatever money you make, you are not required to report it at end of year.
But since Uncle Sam requires tax to be reported on GOFUNDME; you will have to ask your tax accountant what the state's law is concerning reporting donations on your income tax.
This is terrible I just started one to raise mine for my childhood friend who’s cancer recently returned he is 14 I believe and I’m 13
Tax Breaks are only for the Whos who club ... In order not to get taxed do what they do ... Set up a private bank account in some Carribean Island .... Like trinidad or Bahamas that are outside of U.S soil and their Taxation laws .....OR in order not to get Taxed do what they do ... Make sure you get Rich or wealthy enough to Not get taxed ... So that you get Tax Cuts / Tax Breaks just like them ...Tax Breaks is why they keep their wealth
how are you going to TAX money that’s already been TAXED ?!!!
You can't GoFundMe is a more then obviously scam, they tell ya it's free than charge you
By government definition *that* is illegal
There are too many felonies to count (literally)
But hey.. *it's not like Gorge Washington couldn't see the future right!!!?!?!?!??!!?* (obvious sarcasm)
$30,000 taxes due on $50,000 raised? That doesn't sound right. Even at a 25% tax bracket, that would be more like $12,500. I question if the example cited here it real and/or typical.
Go fund me is the biggest pain in the ass. I'm tired of seeing these things on Facebook. What happened to working for your goal?
That's if you manage to withdraw a dime from go fund me....
Do they keep the money???
I thought Go fund me is an honest and legit site.
how can tax on 50K be 30k?
Well shit, if you owe the irs money just start a gofundme bruh. Its easy!!!
dont pay taxes it voluntary! no law that says you must pay and trump doesnt pay ! my president dont pay i dont pay period!
tax evasion
just because the president doesn't pay it doesn't mean you can't you (could) would get arrested for tax evasion
maddog no laws but consequences? Yes.
This is where having diplomatic immunity comes into play, i don’t have to pay US taxes if I don’t without getting jailed. I’m going to start a page!
Yeah right lmao and go to jail!
Frick the irs you are saving money up for stuff you can't afford and then tax comes in frick that
In the end you'll find you were a sucker to donate to go fund me . don't be a victim .
BOYCOTT GOFUNDME AND USE SOME OTHER CROWD FUNDING, SINK GOFUNDME INTO OBLIVION COMPLETELY. LOOK WHAT THEY DID TO THE TRUCKERS CONVOY PEACEFUL PROTEST.
I need money for a new scooter to get to work... 🤔🤔🤔🤔🤔
what is a 1099?
+Nolan Mattson
en.wikipedia.org/wiki/Form_1099-K
1099 is a Tax form like W2 saying that you are independent and self employed ... And soley responsible for paying a tax on every ounce of wealth you produce
🙏
this could also be a fear video to discourage people from being proactive instead of just being stuck in their job. pronounced like job from the bible. cuz that's what job's are. suffering. quit your job/suffering. do work that is fulfilling and rewarding.
Aka a job
At least us gov doesn't force an entire blood line into slavery for not dusting a painting properly
I'm homeless so if I proposed a meager $1000 to put towards bringing an LLC current, I could write off the donation as being used for business purposes (like a startup). Don't quote me, I'm still reading the Inc & Grow Rich book.
Currently I'm down on my luck so even if I were to start a gofundme campaign, Uncle Sam's going to get his cut. Apparently in CA if I make under 9k I don't need to report taxes but I don't want to start a gofundme for $8k and get taxed on it towards the end of the year
But. Ett not take some taxes from everyone who donate to the one who need it . Why chasing the one who need money.
This is some bs
Blessings everyone. I didn’t know about this. I have been planning to set up a GoFundMe and this was very important information.
Thank you to the the local ABC Channel for this report.
*_It’s time to repent, it’s time to turn to Jesus Christ._*
Ashley is cute.
Not if u don't have a job lol
what if your go fund me is for your fuckin income tax lol 😂😂 no fr. I would like to start one for my mom she owes fuckin 2500.00 dollars. WTF she never has paid taxes.
BITCOIN WILL RULE ,THANK YOU GOOD LUCK TAX COLLECTORS😁
How much Will Donald Trump pay taxes if he also have a gofundme campage as he foundrasing for the walls
So your “donating” to the irs to
+Mrsteal Yourgrandma You're**
holy dam, wow
Lol
Taxes .... who cares jjjj
Nice video. Too bad my dad died almost 3 yrs ago because he would have cleared things up faster. My dad was an accountant. I can't believe people actually use this site and use it. It is ridiculous..
why should we donate to one person if theres a hungry group of children in africa waiting for that good slice of an apple they'd eat any food they get there hands on
I wanted to start a small GoFundMe for myself but I decided to stop it and remove it because of all of the tax issues that I would probably have the GoFundMe would only have been under $10,000. I have cancer but I don't think the IRS cares about that
megatronian5000 you sound like a bitch
megatronian5000 because we feed our people first
+megatronian5000 Their** hands
dont worry they have their dirt cookies