#1
|
|||
|
|||
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! |
#2
|
|||
|
|||
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
__________________
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 |
#3
|
|||
|
|||
"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.
__________________
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) |
#4
|
|||
|
|||
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 |
#5
|
||||
|
||||
Deleted post
__________________
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. |
#6
|
|||
|
|||
Currently set at $14,000 for 2017.
|
#7
|
||||
|
||||
Deleted.....
__________________
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. |
#8
|
|||
|
|||
The gift has to fit the legal definition set by the IRS... I didn't even address that.
|