GoFundMe money isn't taxable, but donors can't deduct it

Name: GoFundMe money isn't taxable, but donors can't deduct it
Duration: 50 s
Description: GoFundMe payments are gifts, so recipients don't owe tax, but donors can't deduct since it's not a nonprofit.

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Wondering if that GoFundMe money you received counts as income? TJ explains why the IRS treats it as a gift—and why the people who donated won't get a tax write-off for their generosity. Quick clarity for anyone on either side of a crowdfunding campaign.

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