If you’ve ever had concerns about the tax consequences of crowdfunding – you are not alone. Raising money through Internet crowdfunding sites like GoFundMe, Kickstarter, Patreon or Indiegogo often prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees generally ranging from 5 to 9%. Each site …
Gifts
Crowdfunding Can Have Unexpected Tax Consequences
Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised during crowdfunding is taxable depends upon the …
