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Crowd Control: Your GoFundMe Could Trigger Tax

May 21, 2020, 8:45 AM

Millions of Americans have lost their jobs or livelihoods because of the coronavirus crisis. According to the U.S. Bureau of Labor Statistics, three million people filed initial unemployment claims in the first week of May.

The unemployment rate hit 14.7% by the end of April, with particularly heavy job losses in the leisure and hospitality industries.

With so many people out of work, and so many businesses struggling, folks are turning to alternative methods of raising money—including crowdfunding.

Crowdfunding can take many forms. Two of the most popular are funding for specific causes, like money to cover rent or medical...

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