It is a beef and beef "Happy Hour" benefit. Should we open a separate bank account for money collected
2007-09-21 09:36:44 · 2 answers · asked by Lisa V 1 in Business & Finance ➔ Taxes ➔ United States
The money you receive is a gift and not taxable to you or deductible to the donors.
Putting the money into a separate account and accounting for the use of it for your father's benefit is a great idea in case your tax return is questioned, or any of the donor's question how their money was used.
2007-09-21 09:48:06 · answer #1 · answered by ninasgramma 7 · 2⤊ 0⤋
The money collected would be considered as gifts, so he wouldn't have to report it or pay tax on it. Good luck to him on having success with his treatments.
There's no need to open a separate bank account for the collections.
2007-09-21 16:29:59 · answer #2 · answered by Judy 7 · 0⤊ 0⤋