You can gift tax-free up to $15k per person without declaring it every year, if you're married you and your spouse can each give a person $15k per year without declarations. The lifetime gift limit is something like $11 million before federal taxes hit.
There is a very good argument to giving out money to your family while you're alive rather than waiting until after and dealing with inheritance issues.
Do recipients of go fund me money have to declare those funds as income/gift and pay income tax on it?
I’m sure you gotta pay some taxes. I mean if not I’m a start giving money to my family that way so they can get it out of my hands
You can gift tax-free up to $15k per person without declaring it every year, if you're married you and your spouse can each give a person $15k per year without declarations. The lifetime gift limit is something like $11 million before federal taxes hit.
There is a very good argument to giving out money to your family while you're alive rather than waiting until after and dealing with inheritance issues.
Yes, it's all treated as normal income. Last I checked go fund me doesn't help with tax withholding whatsoever.