Do I have to pay taxes on donations I receive through a personal fundraiser on Instagram?
Funds received from personal fundraisers may be taxable.
Things that may impact if the money you received is taxable include:
- The amount of funds received
- What you intend to use the funds for
- Where you live
Consult a tax professional for questions about whether the donations you received are taxable.
Note: If you raise more than $20,000 in donations from personal fundraisers on Instagram in a year, you’ll receive a 1099 form from Stripe. Learn more about Stripe, the company that processes payments for personal fundraisers on Instagram.