If I want to fundraise to pay for a private adoption do I have to pay taxes on the money?
ByAlso, if I do fundraising to raise money for an adoption do I need to start a non profit? Any info would be helpful!
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7 Comments
April 17th, 2010 at 9:16 pm
yeah, it’s income.
look it up on irs website though.
April 17th, 2010 at 9:47 pm
yes
April 17th, 2010 at 10:13 pm
To fundraise for something only you benefit from is unethical and morally wrong and possibly illegal.
April 17th, 2010 at 10:31 pm
The short answer is: yes. The longer answer is: if someone gives you a gift of money, it is not taxable. If you have a garage sale, technically it’s taxable, but since most things are sold below their value, there’s no net gain or profit to be taxed. If you sell things you made, even as a hobby, that income must be reported as “other income”. If you work for profit (e.g. have a car wash), that income must also be reported in the same way. Hope that helps!
April 17th, 2010 at 10:36 pm
yes you have to makie it non-profit if its profitable it violates the law… also some people prefer it non-profit because so it doesn’t go to your personal interest…
for taxes it really depends what state you are in so i suggest you go to your main city hall and ask if any taxes apply in your state for you fundraiser…
i really suggest you go do your fundraiser beause all the good things you do in your life will be returned later on…
April 17th, 2010 at 11:19 pm
taxable and tacky… it’s like a twofer
April 18th, 2010 at 12:03 am
Ok to start this is a bit sickening to me, I didn’t do a fundraiser when I had my babies and believe me I could have used the money.
Next yes you would have to pay taxes it is income. If you do a it as non-profit no. However seems to me you would profit in gaining a child. So yeah it isn’t really non profit is it? Can I just add this is a crass question and a little crazy making to me. Seems to me if you can’t afford adoption you can’t really afford a baby either. Just food for thought children are very expensive you know.. (yeah that was on purpose but you get the point right?)