Teacher raised $41,000 to help local families hurt by COVID-19. He now owes $16,000 in taxes. By Aimee Picchi What the IRS tax deadline extension means for you
Louis Goffinet, a 27-year-old teacher in Connecticut, said he started a fundraiser a year ago to aid local families affected by the coronavirus pandemic. The campaign was a smashing success, collecting more than $41,000 to help them pay for groceries, meals and rental assistance.
But Goffinet said he recently learned of a downside to his efforts: He now owes $16,031 in personal income tax on the funds he raised via Facebook Fundraisers. After consulting with several tax professionals, the unanimous consensus seems to be that I am responsible for paying income tax on the funds I was able to raise through Facebook, Goffinet wrote in a Facebook post.
Facebook fundraisers leave good Samaritan with hefty tax bill
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This Connecticut teacher was trying to help his neighbors with groceries, but when he raised over $40,000 on Facebook, he ended up with a $16,000 tax bill
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Teacher who raised over $30,000 to help neighbors during the pandemic now owes $16,000 in taxes
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