Is income from crowdfunding taxable? It’s a popular way to raise money for emergencies, charities, businesses and more. But the funds could be taxable. Under federal law, gross income is income from all sources, unless it’s excluded by law, such as a gift. For crowdfunded donations to qualify as gifts, certain conditions must be met. For example, the organizer must give all donations to the person the campaign was set up to benefit and donors must have contributed without expecting something in return. Some crowdfunded donations may be taxable, such as when an employer donates to a crowdfunding campaign for an employee. Contact us with questions, or for more details: https://bit.ly/3pc1vwW Call or visit our website for more information! www.mjscpa.com/
