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I have started a very small animal rescue network. We are

Customer Question
I have started a very...
I have started a very small animal rescue network. We are currently paying for spays, neuters, vaccinations, and other medical stuff out of our personal pockets but those kinds of funds will run out very soon. If the public is aware that we are not a tax deductible rescue, can we still accept donations for the dogs' care?
Submitted: 8 years ago.Category: Tax
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8/2/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello amelia,

Yes, of course you may accept donations from anyone who wants to donate to your cause. The donation will not be tax deductible for the donor, and would simply be considered a "gift" to your organization.

Gifts that do not exceed $13,000 in any one year to the same individual do not need to be reported, so your donors would not be required to file any paperwork unless any of them gave you an annual donation which exceeded this amount. The gifts which you receive are also not taxable income to you or your organization.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you amelia.

Merlo
Merlo, Accountant
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Customer reply replied 8 years ago
If I am not a non-profit, why wouldn't the gifts during the year be considered income?
Tax Professional: Merlo, Accountant replied 8 years ago
Hello again amelia,

Gifts are never considered to be taxable income to the recipient.

If and when gift tax ever becomes due, it is payable by the donor of the gift. But it is very unlikely that the majority of people in this country would ever end up owing any gift tax.

As part of the Unified Tax Credit, each individual is allowed a $1 million exemption on gifts they may give in their lifetime before any gift tax is ever due. Individuals may also give annual gifts of up to $13,000 which do not even apply towards their lifetime exclusion. Gifts which exceed the annual amount must be reported, but no tax is actually due until the lifetime limit has been used.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you amelia.

http://www.irs.gov/businesses/small/article/0,,id=108139,00.html

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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