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#1
06-21-2017, 12:13 PM
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Tax implications of raising money with KickStarter or Go-Fund-Me
Question....
If money is raised for a music project via KickStarter or Go-Fund-Me, I assume that money is considered income and thus taxable. However, if 100% of the funds raised are spent on the project, is it a wash from a tax perspective, or would you still owe taxes on the $ raised? Thanks! 
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#2
06-21-2017, 02:48 PM
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My daughter in law did a go fund me for my grandson's medical procedure one time and she said they just kept a piece of it for fees and taxes
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Seagull Entourage Rustic Cutaway Yamaha FG410A Fender DG-14S/12 TF Ibanez GSR200 Bass Abilene Hot Rod Bass (found parts in trash can an resurrected) Peavey TKO Bass Amp Cordoba Concert Ukulele A few more things that I'll add soon
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#3
06-21-2017, 03:02 PM
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"It is up to you (and a tax professional) to determine whether your proceeds represent taxable income."
Don't guess, the IRS will consider it income unless you prove otherwise.
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Rich - rmyAddison Rich Macklin Soundclick Website http://www.youtube.com/rmyaddison Martin OM-18 Authentic '33 Adirondack/Mahogany Martin CS OM-28 Alpine/Madagascar Martin CS 00-42 Adirondack/Madagascar Martin OM-45TB (2005) Engelmann/Tasmanian Blackwood (#23 of 29)
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#4
06-21-2017, 03:50 PM
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Quote:
Having said that, the tax burden (at least Federal), if any, generally falls on the giver of the gift. Most gifts under the exclusion threshold, which I believe is north of $10K, do not incur federal income tax for either party
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#5
06-23-2017, 10:44 AM
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Deleted post
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Barry My SoundCloud page Avalon L-320C, Guild D-120, Martin D-16GT, McIlroy A20, Pellerin SJ CW Cordobas - C5, Fusion 12 Orchestra, C12, Stage Traditional Alvarez AP66SB, Seagull Folk Aria {Johann Logy}: Last edited by TBman; 06-23-2017 at 08:05 PM.
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#7
06-23-2017, 11:01 AM
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Deleted.....
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Barry My SoundCloud page Avalon L-320C, Guild D-120, Martin D-16GT, McIlroy A20, Pellerin SJ CW Cordobas - C5, Fusion 12 Orchestra, C12, Stage Traditional Alvarez AP66SB, Seagull Folk Aria {Johann Logy}: Last edited by TBman; 06-23-2017 at 08:06 PM.
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