Teacher may avoid tax hit for pandemic grocery fundraising
April 24, 2021
FacebookTwitterEmail
MANSFIELD, Conn. (AP) — A Connecticut teacher who raised more than $40,000 to help people buy groceries during the pandemic may not be hit with a big tax bill after all.
Louis Goffinet received a form telling him he owed $16,000 in taxes on the money. But Goffinet told the Hartford Courant that after consulting with experts, he believes the money will be classified as a gift exemption and not taxed.
“Everything I would have received would qualify as a gift and not taxed,” he told the newspaper. "I’m backing all that up in addition with all my credit card statements, bank statements, the tracking I did of who’s getting what, all the receipts. It seems like I’m in good shape.”