Do You Have To Pay Taxes On Crowdfunding?

Do You Have To Pay Taxes On Crowdfunding?
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1 Answer

  1. Yes, you do need to pay taxes on crowdfunding. Its just like how it works for any other income, since its a part of your income you do need to pay taxes for it. There are also a certain rules regarding it, if you are using the accrual basis, you must report income when you earn it, at the time it is due to you or when you receive it, whichever comes first. Also, using the accrual method does not allow you to postpone the recognition of income you have received.
    Lastly I don’t think this income should be argued to be a gift , and if you still wanna argue on it then it should be a convincing case.

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