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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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I was a political candidate tut did not run for re-election.

Resolved Question:

I was a political candidate tut did not run for re-election. I had money in my campaign fund at the end of my term. Is it taxable?
Submitted: 6 years ago.
Category: Tax
Expert:  Jax Tax replied 6 years ago.

Jax Tax : You must donate them to a non profit or other campaign committee. Other use is illegal under FEC and state law.
Jax Tax : You can cite the Ethics Reform Act and local state law. This applies to all excess campaign funds. They cannot be used personally under any circumstances.

Can you give me a reference to this issue?

Jax Tax : It is stated above. Ethics Reform Act
Jax Tax : This is a principle that has been in place for at least 3 decades and I cannot think of one state or locality that has not adopted this.
Jax Tax : I guess I did not answer the question. If you do take the money, it is taxable.
Jax Tax : I highly reccomend that you do not.
Jax Tax and other Tax Specialists are ready to help you
Expert:  Jax Tax replied 6 years ago.
One last thing. If you do keep the money, it would be reported on line 21 of the 1040 (other income)
Expert:  Jax Tax replied 6 years ago.
Please let me know if I can be of further assistance.