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Taxes – How do I claim money received as a donation?

Asked by: emeka22uche 1996 views YA Discussion

My father battled cancer last year. In efforts to provide him with support, a fundraiser and benefit was held by family and friends. I opened an account at my bank -a donation fund- for all money raised from the fundraiser and benefit, as well as money donated by individuals. I was told by the bank that this money would be taxable, but I do not recall receiving a tax form from the bank. My father passed away last year, and the account was in my name. My question is: How do I claim money received as a donation? Or is it considered a gift and not necessary to report? Thank you!

1 Answers

  1. A Hunch on Apr 11, 2012 Reply

    you need to talk with an enrolled agent or CPA experience in taxation =
    I believe –
    If you collect donations for yourself, it is taxable.
    If someone collects donations for you, I don’t think it is taxable income.

    the don’t know how the relationship would be if collected by daughter for father.
    and I’m only 90% correct on the tax requirement outlined above.

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