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GoFundMe - tax implications

  • 29-06-2015 6:16pm
    #1
    noddy69
    Closed Accounts Posts: 107 ✭✭


    Hi,

    If I raise money, for myself, on a site like GoFundMe do I have to pay income tax and if so, how would this be processed by Revenue?


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Raise money for yourself.

    To do what? Sponsorship for an event or to start a business?


  • #3
    noddy69
    Closed Accounts Posts: 107 ✭✭noddy69


    Alan Shore wrote: »
    Raise money for yourself.

    To do what? Sponsorship for an event or to start a business?

    anything really.

    I was browsing the site and people in Ireland look for cash for all kinds of things - college fees, holidays, surprise birthday parties etc. Was just curious really as to what the tax implication is. Would this be a way to transfer cash to another person and not pay tax, or have social welfare affected?


  • #4
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    If I give you money for nothing in return than that's a gift and you are subject to Capital Acquisitions Tax in gifts.

    The first €3,000 of gifts from one individual to another in a year are exempt from tax.

    Can you put me in touch with these people who will give you money for nothing (and chicks for free)!


  • #5
    timmythesheep
    Registered Users, Registered Users 2 Posts: 163 ✭✭timmythesheep


    Interesting. So, could someone Recieve many gifts of up to 3,000 and pay no tax as long as the gifts came from different people??


  • #6
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    timmythesheep wrote: »
    Interesting. So, could someone Recieve many gifts of up to 3,000 and pay no tax as long as the gifts came from different people??

    Absolutely. No problem, as long as they are bona fide gifts, and aren't part of a series of transactions. Not sure how this is making dollar signs light up in your eyes though...


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