Hello everyone, a watercooler discussion erupted at work today - what are the possible tax consequences for the Trucker Convoy organizers for GoFundMe donations, as well as the private e-transfers, give-send-go donations, and cryptocurrency donations. This is also keeping in mind that their registered ‘not for profit’ status was only extablished within the last couple days. I suspect the organization will be heavily reviewed in their first year…
My 2 cents…there will significant political pressure on GoFund Me that they will return money to original donors and/or donate the money to registered charities. AS much as this is a hot potato topic, I suspect, they dont want to get on the radar with the feds on this. m
There is a useful article on Mondaq that covers the taxation of crowdfunding.