Wounded Warriors Fishing Day Has Hit A Snag

[riverdog]

The reason I mentioned contacting an attorney is while gifts ( as oppose to donations) can be taxable income they generally have to reach a certain limit before any taxes start. I know the amount a person could give to any individual without paying taxes was $13,000 last year and tends to go up each year. Usually the donor is responsible for taxes not the recipient. Don't know who this works with donations toward a group of individuals. But if it's similar and all gifts are valued at less than the $13,000 or whatever the current maximum is it's quite possible that there would be any taxes to be paid. No deduction on taxes but many won't care about this so much. Not telling you this is the case for this event but I've run into my share of state workers that get some details and rules wrong because they too strictly interpret the law or don't fully understand federal laws to begin with. Another link about gift taxes from the IRS; http://www.irs.gov/publications/p950/ar0...k100099451
Good Luck. If you don't find a nonprofit to host this and don't have anyone for some tax advise let me know. I could run it by my CPA who use to work for the IRS or the attorney that set up my nonprofit
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