Tax Warning: GoFundMe donations can cost you a big tax bill 

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.

Money that has already been taxed should not be taxed again wtf

Gofundme is considered “personal gifts”. It’s non taxed ppl

It is very sad that people cannot raise money or do anything without the Government being in their Business !

I always said government is like or worse than mafia

If they going to tax for a gofundme, then tax churches. They get donations.

Next up, Go Fund Me to pay a Go Fund Me tax bill.

Leave it to government to ruin a perfectly good thing

Government is the biggest Gangster of them all.

The worse part is most of the people that donate are friends and family. Gofund me also takes a cut

Give cash under the table and cut out these government crooks

They were already taxed from us that gave.

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.

stop paying these thugs

America...land of dreams hhh...wtf?!! How do you guys arrange to live with this system?!!!

And if your on SSI or SSDI, all moneys must be reported to the SSA and will be deducted from your disability check!!! FACT!!!

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?

That's why i add the tax charged to the go fund me.

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.

So what's the amount for GoFundMe that's not taxed?

So do the people who give money get write offs 🤔

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.

Good to know. Thank you

not to mention gofundme's outrageous hidden fees.

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

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.

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.

That's really low down.

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

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.

why at tax when donations are already taxed from the earner? FU TAX MAN

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.

This is unbelievable oh my gosh!

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!

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.

How much money would you be charged. And how much money would need to be raised so they can tax you?

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.

If everyone stopped working for 3 days. And refused to pay taxes. I guarantee we could halt the Government . But we too scared to do it. They locked us in our homes. Just for sport and we stayed in like fools.

1:24 Anyone else notice the windows pop-up sound 😂

BOYCOTT GOFUNDME AND USE SOME OTHER CROWD FUNDING, SINK GOFUNDME INTO OBLIVION COMPLETELY. LOOK WHAT THEY DID TO THE TRUCKERS CONVOY PEACEFUL PROTEST.

IRS. What does it stans for. Are they just like FATF(Finans Action Task Force.)

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?

Well shit, if you owe the irs money just start a gofundme bruh. Its easy!!!

How do i know if there are donations are being made

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

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 ?!

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

That's if you manage to withdraw a dime from go fund me....

how are you going to TAX money that’s already been TAXED ?!!!

dont pay taxes it voluntary! no law that says you must pay and trump doesnt pay ! my president dont pay i dont pay period!

If you're in USA? Don't go over $10,000 US dollars a year of course.

I need money for a new scooter to get to work... 🤔🤔🤔🤔🤔

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 .

if I'm a minor and make one do I still get taxed?

What about my dogs medical and surgical bills?

🙏

$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.

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.

Does anybody know how many percent the tax? I don`t know either they don`t tell because it`s high.

how can tax on 50K be 30k?

But. Ett not take some taxes from everyone who donate to the one who need it . Why chasing the one who need money.

Ashley is cute.

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._*

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.

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

Not if u don't have a job lol

what is a 1099?

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

This is some bs

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..

So your “donating” to the irs to

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