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Question

This year I founded an online community to accept donations called Mamas Move Mountains. I pass on the proceeds to moms but its not registered as a non-profit. How can I make the money I received non-taxable, like GoFundMe?

AI accountant’s answer:

Great question! In order for the proceeds to not get taxed, they'll need to qualify as personal gifts. In your case, it certainly should as long as no individual contributions exceed $15,000 and the people making the contributions are not "receiving at least equal value in return".

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Melissa Pedigo, CPA

Melissa Pedigo has been a CPA for over 20 years and she is one of the only CPA copywriters in the world. With a vast knowledge of U.S. tax and accounting, she’s able to write about tax and finance topics from a unique perspective...as an industry expert. When she’s not writing or being an accounting nerd, you’ll find her watching and playing tennis, reading, tending to her half-grown garden, and studying foreign languages

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