Gift Tax Considerations for Crowdfunding
While the amounts solicited in many online campaigns are modest, the dollars involved across the spectrum of all charitable-type crowdfunding sites is significant. Considering the aggregate funds involved, it’s surprising that some crowdfunding sites appear to provide limited guidance to visitors, donors, those creating campaigns or those benefiting as to the tax consequences.
It’s unlikely that many users are even aware of the possible tax issues for the various types of campaigns. This is why guidance from the Internal Revenue Service providing some practical leniency and updating policies to reflect the realities of the crowdfunding phenomena is important.
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