Technology

58061 readers

31 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS

[email protected]

413

GoFundMe Is a Boon for Disaster Survivors. Especially the Wealthy Ones. Campaigns on the crowdfunding site raised more money for wildfire survivors with high incomes than for those who need help most (www.nytimes.com)

submitted 7 months ago by [email protected] to c/[email protected]

26 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 43 points 7 months ago* (last edited 7 months ago) (2 children)

EDIT: Not tax deductible.

[–] [email protected] 50 points 7 months ago

Typically not = not for poor people

[–] [email protected] 3 points 7 months ago (1 children)

til, thanks!

[–] [email protected] 17 points 7 months ago (1 children)

Since individuals aren't 501(c)3 non-profits it wouldnt be tax deductible and is treated by the IRS as a gift, so a gift tax may apply depending on amount given. Just in case you were curious as to why it's not a tax write-off.

[–] [email protected] 2 points 7 months ago (1 children)

The annual gift tax exclusion of $18,000 for 2024 is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax

If anyone is looking for the gift tax limit I got the above quote from https://smartasset.com/retirement/gift-tax-limits

This is more than I remember, but I think I'm confusing it with the $6000 limit for contributions to an IRA account. I think it went up to $7000 this year, but I digress.

[–] [email protected] 3 points 7 months ago

That's not the limit where they tax a gift, that's the limit for where you have to report a gift. You only pay taxes when your lifetime total goes above 12.92 million. Obviously, almost no one hits that, so gift taxes almost never matter.