ETax847 Posted February 9, 2018 Report Posted February 9, 2018 Client started a Go Fund Me page to receive help for medical expenses. Ended up receiving over $25k and received a 1099K for 2017. How is this reported on the tax return and should it be backed out because it is not income? Quote
Sarypion Posted February 9, 2018 Report Posted February 9, 2018 https://support.gofundme.com/hc/en-us/articles/204295498-Am-I-responsible-for-taxes- Hope this helps! 1 Quote
Gail in Virginia Posted February 9, 2018 Report Posted February 9, 2018 Also, as far as I am aware the IRS is not matching 1099k's yet because they had so much trouble with them the one year that they tried. Quote
jklcpa Posted February 9, 2018 Report Posted February 9, 2018 This article from the PA Inst of CPAs is a little more in depth that you may also find helpful. 1 Quote
Jack from Ohio Posted February 9, 2018 Report Posted February 9, 2018 29 minutes ago, Gail in Virginia said: Also, as far as I am aware the IRS is not matching 1099k's yet because they had so much trouble with them the one year that they tried. We have had clients receive CP2000 concerning 1099-K. The IRS IS checking them now. 3 Quote
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