Income Taxes
The IRSdoesn't tax beneficiaries on the money received through fundraisers. If
you are raising the funds for someone else, you'll want to keep the
money in a separate bank account to avoid any discrepancies with the
IRS. If you do not keep the funds separate, the IRS may question where
the money in your account came from, especially if you are audited. As a
precaution, maintain records of all fundraising deposits to show the
source of the funds. If you receive compensation in any way for raising
the funds, you must report it to the IRS as earned income. You may
deduct any legitimate expenses associated with the fundraising.
Do You Have to Pay Income Taxes on Money Received From a Fundraiser? - Budgeting Money
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