A few years back I heard of some people setting up sites asking for donations to help pay off this debt or that debt... and some people were actually able to pay things off that way, does anyone know if that is still legal??
2007-01-23 08:29:16 · 5 answers · asked by Michelle T 2 in Business & Finance ➔ Personal Finance
I know I should get a job, but- I'm a fulltime student with 2 kids at home and I just had someone take very bad advantage of me with a credit card... I thought I was helping someone... ovbiously I got taken.
2007-01-23 08:37:50 · update #1
It is legal. But they will claim that on taxes and in case of audit need to show where the money went.
2007-01-23 08:33:04 · answer #1 · answered by GuyNextDoor 4 · 0⤊ 0⤋
You're thinking of SaveKaryn.com This girl created a site years ago looking for donations to pay off her credit card debt, $17,000 I think it was. She offered nothing in return but her eternal gratitude. I believe it actually worked for her too. Her idea spawed many many clones, people looking for online handouts, and a new euphmism...E-Begging. It probably worked for her because the idea was new and audacious, but now these sites are a dime a dozen and no one really cares about them. And no, it's not illegal, just selfish and immoral.
2007-01-23 08:45:27 · answer #2 · answered by douglas l 5 · 0⤊ 0⤋
Soliciting donations for personal use is a crime. IRS frowns on that. You may ask people to give you money but do not use the word donate. Any money you do receive you must claim as income and pay taxes.
2016-05-24 01:44:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It is legal, however, you should be prepared to hear from the IRS. You will be expected to report the income on your tax return and pay the appropriate taxes. You can call it donations, but it's still income.
2007-01-23 08:34:28 · answer #4 · answered by Emm 6 · 0⤊ 0⤋
If you say you are a charity - yes it is. Why not do something more imaginative and sell something from the site.
Best thing to do is get a job really - a site will cost you money to run.
2007-01-23 08:33:31 · answer #5 · answered by Biz Guru 5 · 0⤊ 0⤋