Say your child or you have cancer and it will cost thousands for treatment, and you ask for donations, put out donation cans and have fundraisers... You raise like $20,000. Is that money taxable if it goes straight to the treatment of your condition?
Other - Taxes - 2 Answers
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1 :
gifts are not income
2 :
No. You are never required to pay tax on gifts that you receive from persons for whom you did not do anything. However, you must pay tax on "gifts" that are really tips from your customers or bonuses from your employer. If the person gives the money to you as a gift that you may use for any purpose and you use it for a medical expense, then you can deduct the medical expense. If the person pays for the medical expense directly, then you cannot deduct the medical expense. The donor also cannot deduct the medical expense, unless the patient was a dependent of the donor. The donor cannot deduct the donation as a contribution to charity. Only donations to charitiable organizations may be deducted, not donations to individuals.
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