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    chowden's Avatar
    chowden Posts: 1, Reputation: 1
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    #1

    Feb 7, 2009, 11:08 AM
    Personal fundraiser for child education
    Do I need to claim funds received for personal fundraiser for daughter ?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 7, 2009, 01:01 PM

    Did you set up a tax exempt group to raise funds ?
    If not this was income.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Feb 10, 2009, 10:37 AM

    If people gave you money for your child's education and you did not provide any service in return, then these were personal gifts, not income, and there is no need for you to report them on your tax return. However, if you did provide services in exchange for the cash, then this must be counted as income, as you were actually operating a business.
    veew's Avatar
    veew Posts: 3, Reputation: 1
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    #4

    Mar 25, 2009, 05:13 AM

    What kind of fund is it called if some one wants to give me a gift to help my daughter go to college every year? We want to create a fund so that she will have access to the monies as needed for college.
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