GoFundMe estimates that an American has started a Covid-related fundraiser on its site every two minutes since March 2020. And fundraising organizers should not assume the money they have raised won't be taxable. tax form reporting the $41,000 as income to him, which made him think he had a big tax bill coming. The money could be taxable to you if you provide the donors with a good or service in exchange for the money, Perlman said. The same goes if the organizer is accepting a fee to set up the online fundraiser from the person or organization in need, she added.

Source: CNN May 07, 2021 13:58 UTC