this post was submitted on 29 Jan 2024
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GoFundMe Is a Boon for Disaster Survivors. Especially the Wealthy Ones. Campaigns on the crowdfunding site raised more money for wildfire survivors with high incomes than for those who need help most (www.nytimes.com)
submitted 9 months ago by silence7@slrpnk.net to c/technology@lemmy.world
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[–] DeepFriedDresden@kbin.social 16 points 9 months ago (1 children)

Since individuals aren't 501(c)3 non-profits it wouldnt be tax deductible and is treated by the IRS as a gift, so a gift tax may apply depending on amount given. Just in case you were curious as to why it's not a tax write-off.

[–] Jackinopolis@sh.itjust.works 2 points 9 months ago (1 children)

The annual gift tax exclusion of $18,000 for 2024 is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax

If anyone is looking for the gift tax limit I got the above quote from https://smartasset.com/retirement/gift-tax-limits

This is more than I remember, but I think I'm confusing it with the $6000 limit for contributions to an IRA account. I think it went up to $7000 this year, but I digress.

[–] Artyom@lemm.ee 3 points 9 months ago

That's not the limit where they tax a gift, that's the limit for where you have to report a gift. You only pay taxes when your lifetime total goes above 12.92 million. Obviously, almost no one hits that, so gift taxes almost never matter.