The money was given to pay medical bills for a child that has cancer. The non-profit wrote the check out to her benefit account.
2007-06-20 04:38:26 · 2 answers · asked by question 1 in Business & Finance ➔ Taxes ➔ United States
They contacted us. They saw a advertisement for the benefit and called me. We had to fill out a application and then they picked us. As for publicity for them they are only asking for a thank you note and to come to there next meeting so they can see who got the money.
2007-06-20 05:06:56 · update #1
From the provided information I would conclude that this money would be a gift which is not taxable for Federal income tax purposes.
2007-06-20 04:42:08 · answer #1 · answered by ? 6 · 5⤊ 0⤋
If this gift was received without your request, it's not taxable to you as long as the non-profit gets no benefit from it. If they get any benefit -- even just free publicity -- it's fully taxable as ordinary income.
2007-06-20 04:42:14 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 2⤋