Taxes – How do I claim money received as a donation?
Asked by: emeka22uche
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!
How others found here:
- do you pay taxes on money received from donations
- does a non-profit have to pay income tax on donations received
- do you have to report benefit monies to the IRS?