FINANCE
Are donations to GoFundMe fundraisers tax deductible? Are they considered tax write offs?
These fundraisers are only tax-deductible in specific situations, so don’t bank on them reducing your taxes this year.
It is possible to get a tax deduction by donating to charities in the US. The Internal Revenue Service (IRS) allows deductions only for contributions made to qualified charitable organisations that have tax-exempt status.
You can use the IRS Exempt Organizations Select Check tool to verify an organization’s tax-exempt status.
In the context of GoFundMe, only campaigns for these registered 501(c)(3) nonprofit organisations are tax-deductible. This is because most GoFundMe campaigns are created for personal reasons, such as medical expenses, education costs, or other personal needs.
The company has a specific section of their website for charity fundraising.
If you are donating in order to deduct from your taxes then it is worth checking with the host of the campaign before donating. On a charity fundraiser, the name of the charity will be displayed next to the name of the organiser.