Go Fund Me

Wish someone would start one of those "GoFundMe" account things to pay off my mortgage and the truck. I see them start up for the oddest reasons and soon have a $100K plus in them.
I guess I'll try to rent out the extra bedroom when I get things sorted out, I see ads for 150/week around here.
I could offer a private bathroom, cable and internet, plus access to the kitchen and laundry room. Guess I'd limit it to Female , NON-Smokers, Non Drinkers. That would almost pay the complete mortgage payment.
I'll keep working on it.

Colonialgirl said:

Wish someone would start one of those "GoFundMe" account things to pay off my mortgage and the truck. I see them start up for the oddest reasons and soon have a $100K plus in them.
I guess I'll try to rent out the extra bedroom when I get things sorted out, I see ads for 150/week around here.
I could offer a private bathroom, cable and internet, plus access to the kitchen and laundry room. Guess I'd limit it to Female , NON-Smokers, Non Drinkers. That would almost pay the complete mortgage payment.
I'll keep working on it.

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Good luck, Pam. GP100 had less than stellar results from a funding site too.
gramps

I see a lot of them also. Seems that this area has a lot of single young girls with 3 or 4 kids from 5 boyfriends, moving to the area. Then they jump on a couple local Facebook "for sale" groups (or other themed groups in the area) and post a sad story that they just moved here and they have 3 or 4 kids to support but they do not have a job, car, furniture, washer / dryer, etc and that they just HAD to start a Go Fund Me page for everyone else to help them out. One even posted that she wanted to go to college and think we would want to help them with that.

I am tired of hearing about "go fund me's". Nowadays it seems to be the easiest unprideful thing that people do. Generally, friends and family will help folks out a little until they get back on their feet. NOT support them perpetually.

I have a niece that was whining about her situation, not knowing how she was going to pay her bills. To begin with as she was whining she was drinking craft beer, smoking $8 a pack cigarettes and showing off her latest tattoos. Oh, and by the way, she is employed and bought a 2018 Buick small SUV. Also, she gets alimony and child support.

No sympathy here..... LIVE WITHIN YOUR MEANS! Just must be the way I was raised. Pardon the rant....

Just curious, if anybody knows, are the funds from a GoFundMe taxable or do they stick with the no tax on gifts below $10,000, since each individual donation is usually $20, $40, $100 or so?

redhawker said:

Just curious, if anybody knows, are the funds from a GoFundMe taxable or do they stick with the no tax on gifts below $10,000, since each individual donation is usually $20, $40, $100 or so?

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Hi,

The answer is a very solid "We don't know!" IRS has looked at crowdfunding and issued some opinions, but nothing totally definitive. See one of many similar discussions here:
https://tax.thomsonreuters.com/news/irs-examines-tax-treatment-of-crowdfunding/ Thompson Reuters has been providing tax research and education for decades, so I think they're reputable in their opinions.

I've only had one client actually start a GoFundMe account when it was a new thing, and he hardly got anything. So little, in fact, that figured as income or not, his tax bite was the same that year. He needed money for air fare to a relative's funeral. But others have asked since then, and my advice to them for now is that IRS seldom passes up a chance to take some of your money, so until something's carved in stone, it's probably not going to pass the sniff test as gifts, and hence falls under the "it's income until exempted" idea the IRS loves dearly. So for now, one should probably declare it... and hope IRS changes their mind before too long so they can amend returns and get something back.

But don't hold your breath!

Rick C

I think Go-Fund-Me accounts can help deserving people that have had catastrophic hardship thrust upon them through no fault of their own, like having a child shot in the head in a mistaken drive-by or other medical catastrophe, even storm or fire damage, but for average set-backs I see no real good reason to start a Go-Fund-Me.

Not knowing anything about the specifics if you can sell your place pay everything off
you may have enough to get re established with no mortgage! Just a thought

powder smoke said:

Not knowing anything about the specifics if you can sell your place pay everything off
you may have enough to get re established with no mortgage! Just a thought

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UH; I may be under water, we refinanced about 4+ years ago to get a lower interest rate; I haven't checked real estate values in my area lately.

Colonialgirl said:

powder smoke said:

Not knowing anything about the specifics if you can sell your place pay everything off
you may have enough to get re established with no mortgage! Just a thought

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UH; I may be under water, we refinanced about 4+ years ago to get a lower interest rate; I haven't checked real estate values in my area lately.

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Have you looked into a reverse mortgage?

Reverse mortgages are a last gasp effort. Talk to an expert they will say the same.

a reverse mortgage allows you to take a paid off house and get the equity back out of it. If her house is under water there is no equity therefore they wouldn't loan you any money against it.
If the house is underwater I would say its a good time to look at a bankruptcy lawyer.

powder smoke said:

Not knowing anything about the specifics if you can sell your place pay everything off
you may have enough to get re established with no mortgage! Just a thought

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then get a cardboard box, say from a fridge, and take it to public land and move in, then keep collecting boxes to use for additions and furniture...and with no mortgage you are all set....

In a reverse mortgage you are basically "selling" your house but you still get to live in it. Like a home equity loan I think they're great if you want to leave nothing to your heirs, your spouse, etc.
Properly run I think GoFundMe accounts are great-with proper controls. I think of all these cases of politicians who get in trouble because they pocket campaign contributions. Five years ago I contributed to one for a young woman soprano to visit and study in Italy one summer. IIRC it was limited to $1500 which seemed low to me but she managed it very carefully. We got a concert out of it. Currently my church is contributing to a family whose house was just destroyed by fire.

This weekend I am going to the Progressive Motorcycle Show. I'm sure I'll see at least one or two bikes that I would love to own. I just have to figure out how to write it up for GoFundMe, talking about being a frail and somewhat impaired senior citizen with trouble getting around, and wanting a modest motorized vehicle to help get to my doctor's visits and the food pantry, etc. Of course I don't feel that my Goldwing meets those needs since it is intended for long trip and touring, so I won't mention I own one of those. I'll just stress how hard it is to get around the neighborhood and to pick up my prescription drugs at the pharmacy, and on and on. Probably about $12K should do for a new modest adventure bike or something similar.

As I recall the best way to get financed by a go fund me site or crowdfunding is to be a liberal who was terminated from their government job since the type of person who donate to them is the same type of person who gives a $5 dollar bill to the guy standing at the freeway off ramp everyday for the last 6 months. Maybe you should just make a sign out of cardboard with a BS excuse on it!!! :shock: :wink:

I think that your reply is an overly harsh criticism of people that give to a GoFundMe effort. I have known two families in the last year that lost a child to death and lacked the resources of providing a basic funeral and burial. In both cases, a close friend started a GoFundMe campaign and in both cases enough money was raised to cover the funeral costs. The people that gave were certainly not fools giving to scam artists. My donation to each was just my small way of helping out good people in a bad situation.

I have mixed feelings about it and really should bite my tongue. I have been the type that have balled out panhandlers and at other times have even took them to dinner and paid for a cheap motel room for them and even have given them a room in my house. Not lately though. I guess I just judged at the moment.
I have had a bunch of bad experiences with their situations. A few of them ended up costing me big time.

From my experience, I find that MOST homeless or otherwise destitute individuals are in a situation of their own making. Homeless families are another matter. It just seems to me that a lot of these folks are quick to stick their hands out and unashamably so. I help family and friends, not so much strangers. I am not a non-caring person, just tired of the recent prolifiration of the "Go Fund Me" crowd. The economy is strong and jobs are out there...... God helps those that help themselves.... JMO

Uncle Sam should set up go fund me sites by budget item.

We'd learn real quick the import items and not so import items.