If you organized a crowdfunding campaign for someone else, you will not be required to pay taxes on the amount raised. Enter it as "other income. The purpose of Form. GoFundMe is a for-profit company. There is normally no relationship between the donor and the donee. Crypto taxes. )AND More than $20,000 USD in total gross volume AND More than 200 charges. Let’s do the math together. Step 3: Create your GoFundMe account. would be delivered to your chosen charity. The agency on Friday announced a one-year delay for a new tax reporting rule, requiring payment services to issue Form 1099-K for business transfers over $600, and many tax experts have applauded. This requirement has caused some confusion among individuals who start a GoFundMe account and receive donations over the $20,000 limit and even at the IRS. You won’t be issued a tax receipt from our company. We VERIFY where your money goes when you donate to a fundraising campaign on the websites. Tip: Before you share your fundraiser on social media, email friends and family requesting them to share it on their profiles as soon as you do to maximize reach. To date, the crowdsourcing effort has collected $50,000. Does GoFundMe send a 1099? How much does the average GoFundMe raise?. One-third of the people living on these two reservations do not have running water, and another third don't have electricity. As part of GoFundMe’s Terms and Conditions, you have represented that you are not providing any goods or services in exchange for the donation of funds. That means if a. Couple accused of keeping GoFundMe donations intended for$1,099. How can I raise money? The crowdfunding website or its payment processor may be required to report distributions of money raised if the amount distributed meets certain reporting thresholds by filing Form 1099-K, Payment Card and Third Party Network Transactions, with the IRS. GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. the third-party payment network must issue a Form 1099-K when the aggregate number of transactions exceeds 200 and the total value exceeds $20,000. 25 is sent to the beneficiary of the fundraiser after processing and appropriate verification. The challenge? Many 1099-C forms contain errors, and experts say it’s one of the more confusing tax forms. S. Everything S-Corp owners need to know about 1099 forms. As of September 30, 2021, Nonprofits can no longer start new campaigns or accept donations online. B. 1. Donations made via GoFundMe are sent directly to PayPal Giving Fund and not the fundraiser. The campaign organizer will receive a Form 1099-K if they collect more than $600 during 2023. That could be a tax bill and it could be a full audit. 9 percent and 30 cents per donation. Base pay, surges and customer tips are on 1099-K, with incentives and referrals on 1099-NEC. Unless the account or payment is designated as personal, it will trigger a reporting requirement if the annual amount exceeds $600. A 1099-INT is for Interest Income. Persons and receive at least $20,000 through Upwork in a year with at least 200 transactions. Pittsburgh Post-Gazette. Advertiser disclosure . It also offers services for charities for fundraising. See Extension of time to furnish statements to recipients, later, for more information. 1. Does GoFundMe send a 1099? Arguably, it does. 99Pledges – Best GoFundMe Alternative for Walk-a-Thons. Learn brokerage account tax-filing rules, including when consolidated 1099s are due and the deadline for the 2021 tax year. Getty. Post an update within 1 week. TABLE OF CONTENTS What are crowdfunding donations? Are crowdfunding donations tax deductible? What are charitable contributions?. Confirm with your tax advisor if you’re eligible to make a claim for treaty benefits. While the money you raise should not be considered taxable, you will have the. An organization does not withhold income tax or Social Security and Medicare taxes from, or pay Social Security and Medicare taxes or federal unemployment tax on, amounts it pays to an independent. Talk to your advisor to learn about recent. Are personal gifts tax deductible? Are gifts to individuals considered tax deductible? Does GoFundMe send a 1099? GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. 80. You’ll receive a 1099-K for your taxes if you: Earned at least $20,000 through the platform. After the meal, the friends send reimbursement through Venmo. Business payments that is. All 1099 employees pay a 15. There was a low 3% processing fee and the ability to add a crowdfunding link to nonprofit websites, but organizations’ options to raise funds were pretty limited. Thanks for choosing to support a GoFundMe fundraiser. Corporations are limited to a deduction equal to 25% of their taxable business income. If you’ve donated, you’ll need to know the deduction rules. 30 is automatically deducted from each donation, so you never have to worry about paying a bill. But the forms also come from other online. PayPal’s standard processing fee for donations is 2. Does GoFundMe send a 1099? GoFundMe, being merely the administrative platform, will not report donations as income or issue any tax documents to donors or donees. Does GoFundMe send a 1099? Arguably, it does. 8. The sale of a stock is accompanied by a gain or loss, which must be reported to. If you ever need to access any of the data in your GoFundMe account, just contact our support team using the form below, and we’ll be able to give you all the information you need. Other users have reported problems with WePay, GoFundMe’s payment processor. Received at least 200 transactions. Sometimes the payment processor used by the crowdfunding website,. Defendant is not required to issue a Form 1099 to Hal. " The create a second item of "other income" with a negative dollar amount to offset the income, call it something like "offset for non-taxable gifts. To create your account, you'll enter your name, email address, and a password. Crowdfunding platforms such as GoFundMe need made it easy for donate to owner favorite cause or someone on need. These contributions also come with free tax receipts from our charity partner, PayPal Giving Fund. Do it yourself. If you have GoFundMe receipts, you should probably expect IRS scrutiny. Oct 18, 2022 3 min read Tax Guides Do I Have to Pay Taxes on GoFundMe Money? Content provided for general information. Starting and running a fundraiser What to know when creating, launching, and running your fundraiser. Learn more about GoFundMe’s fees on our pricing page here. If you’ve donated, you’ll need up knowledge one deduction rules. Facebook’s policy states that any funds received through a personal fundraiser on the social media platform may be taxable and that if more than $20,000 is raised, a 1099 form will be issued by. This is one of the many battles my dad, Rafael, has had to fight since his. P eople may receive Form 1099-K for money raised through crowdfunding. GoFundMe and other crowdfunding platforms will usually issue an IRS 1099K (Payment Card and Third Party Network Transactions) to the campaign organizer. Crowd funding or crowd sourcing has exploded in popularity. Mobile-Friendly Campaigns. Payment settlement. If a charity receives a donation of $100, they will net $97. In just a few minutes, you’ll be able to personalize your fundraiser and share it with the people in your life. The tax-deductible status of a donation does not change if funds are reassigned because PayPal Giving Fund is the charitable organization of record for the donor's original donation. Everything else goes directly to your cause, because that’s what matters most. That could be a tax bill and it could be a full audit. Surface Studio vs iMac – Which Should You Pick? 5 Ways to Connect Wireless Headphones to TV. The IRS does not consider. GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. You can do everything from raising. Hi Friends & Family, I am Sharon, Danny Cornell’s Mom. If you raise more than $600, the third-party payment processor will send you and the IRS a Form 1099. As of 2015, the IRS has clarified that WePay is not required to send a Form 1099-K with respect to payments that are made solely as gifts or donations. If you want to avoid that scrutiny, it’s best. GoFundMe (formerly known as CrowdRise) is an online fundraising tool for nonprofits, businesses, and events organizers with tools for social fundraising, event planning, ticketing, donations management, custom landing page building, and more. If the money you raised is tax-free, you generally don’t need to report it. What is not allowed on GoFundMe? If you receive a 1099-K for the money, there are two ways to handle it. If you have GoFundMe receipts, you should probably expect IRS scrutiny. The crowdfunding website or its payment processor may be required to report distributions of money raised if the amount distributed meets certain reporting thresholds by filing Form 1099-K, Payment Card and Third Party Network Transactions, with the IRS. Although reported on Form 1099-K, these amounts are generally considered personal gifts and would be excludable from a taxpayer’s gross income. In addition, they accept tips from donators. Use your online fundraiser to organize. If you raised more than $20,000 with over 200 contributors and a valid US bank account, the platform you use will send you a 1099-K form. The instructions included with this notice are fairly scattered, and often leave the recipient with more questions. However, to help us operate safely and securely, our payment processors deduct transaction fees (which include. 1) You are likely to receive one. When a GoFundMe page is set up, a WePay Account is created for when the time. A person receiving a Form 1099-K for distributions of money raised through crowdfunding may not recognize the filer's name on the form. Crowdfunding platforms like as GoFundMe have made it easy into donate for your favor cause or someone in necessity. After the deduction of applicable GoFundMe fees, PayPal Giving Fund delivers the funds they receive on a monthly basis into the PayPal account designated by the organizing PTA. ² Contractors use the form to file their self-employment tax returns. Each Nam & Ko mask costs $11. These contributions also come with free tax receipts from our charity partner, PayPal Giving Fund. Donors can help power GoFundMe with an optional contribution, but it’s never required. 31, 2021, a Form 1099-K was required to be filed. What does share mean on GoFundMe? Share by email This may remind people who wanted to donate after your first email but maybe didn’t have time. In the United States, this fee is 2. Some of the most prominent cryptocurrency exchanges issue a specific type of 1099, known as form 1099-K, to qualifying customers. My best suggestion is to issue a 1099-Misc to your friend. The cap on this penalty is $1. However, if you paid your vendors less than $600, you don’t have to send a copy of the 1099-NEC to the payee. Rules for claiming dependents. ago. You. $20. Does GoFundMe send a 1099? GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. 9% as of December 2022, plus an additional $0. Send a handwritten letter to friends and family. List type and amount: "Form 1099-K Personal Item Sold at a Loss…. That could be a tax bill and it could be a full audit. If you work as an independent contractor you are not an employee and you do not have an employer. How much does GoFundMe charge for the transaction fee? GoFundMe charges one transaction fee—that’s it. Are GoFundMe Donations Taxable? Tax Tips for Crowdfunding. 5 out of 5 on Trustpilot, based on over 20,000 reviews. For the most part, they do. But even if you win less and don’t get a 1099, you still need to report that income on your taxes. And now the IRS wants more than $19,000 of the money. Key Takeaways 1099 forms report a taxpayer's non-employment income received throughout the. Amended tax return. GiveSendGo is the leading freedom fundraising platform. Getting a 1099 doesn't mean. GoFundMe does take a portion of the donations. “We have 1099s for lots of things. Typically, money raised through a crowdfunding site such as Go Fund Me is processed through third-party settlement entities such as PayPal. GoFundMe taxes are non-taxable for the most, however, there may be certain situations and donations which may require taxable donations, depending on the amount that is being raised form the donations and where the donation is being used or the use of funds for a particular cause, but the GoFundMe connects with all like-minded people who come. Double check that your tax form status is a green “Approved” in AdSense for YouTube. Do not report the $1,000GoFundMe is a for-profit company. Only donations made to GoFundMe charity fundraisers are guaranteed to be tax-deductible in the US, the UK, Canada, Ireland and Australia and will automatically receive tax receipts from our charity partner, PayPal Giving Fund. No deadlines or goal requirements. You've paid them a total of at least $600 during the year. IRS filing due date for 1099-MISC is February 28 (if filing by paper) or March. Or they may choose not to attempt to classify the payments and simply send Form 1099-K to all recipients to make sure they are complying with their requirements as a payer. I’m asking for help. Updated. Does Gofundme Send A 1099? GoFundMe only sends a 1099 if you make over $600 in donations. That could be a tax bill and it could be a full audit. The 1099 tax rate for 2022 is 15. But you can always check with a tax professional to be sure. But as much as GoFundMe helps people by raising funds, the for-profit company helps itself to a share of the money raised. Small business taxes. Whenever you’ve donated, you’ll need to. Specifically, it submits Forms 1099-MISC to the IRS for US traders who earned over $600 in cryptocurrency rewards or staking during a given year. As a quick refresher: There are many different variations of the 1099 form, but the 1099-K is a tax form that shows all the payments you received through a credit or debit card or some other electronic payment system (these are also known as third-party payment settlement entities or PSEs . The other option is to leave the 1099 off of your return and filed by mail. That doesn’t mean you’ll pay tax on it, but you have to file that 1099-K with your tax return, and the feds will already know that you’ve received the funds. I received only gifts and donations. e. The amount is reported on Box 1 of. The Department of Administration, Office of Accounts and Reports is responsible for all 1099's issued under the state's general use FEIN 48. In most cases, if you raise more than $600 during a year, the crowdfunding platform will file a 1099-K with the IRS to report the income. Gifts to friends are not reported on an income tax return - and that is the recipient or the donor. If the money you raise through crowdfunding is given without receiving something in. The cloud-based solution was built specifically for nonprofit and event fundraisers and can be used for. If you want another copy of your donation confirmation receipt, please follow these steps to request one: Follow the link to our contact form here. That could be a tax bill and it could be a full audit. We grant all of the donations that we receive to benefiting charities in accordance with our Donation. Additionally, these donations are not. 4. 9% of the total plus 30-cents per donation. In 2014, the IRS issued Notice 2014-21, 2014-16 I. You’ll also need to include the total amount you’re reporting but just for the 1099 you’re attaching to this form. On Form 1099-C, the lender reports the amount of the canceled debt. GoFundMe has a 4. Generally, the funds raised through GoFundMe are processed by a third-party organization, such as PayPal. Create your fundraising campaign. Forms 1097-BTC, 1098, 1098-C, 1098-F, 1098-MA, 1098-Q, 1099-A, 1099-C, 1099-CAP,In the wake of 1099 season, many companies that issue payments to independent contractors are likely to see, at least once, the ominous IRS Notice CP-2100A regarding missing or incorrect Tax Identification Numbers (TIN). If Form 1099-K is required to be filed. From WePay (GoFundMe's payment processor) support. If you don't receive this form, you still have to report your earnings. Debt forgiveness of employees and independent contractors have different reporting requirements. " This will allow you to e-file, but the IRS may send you a letter asking for more information. A 1099-K is not a determination that you earned income. Casey's sister, Courtney, set up the online GoFundMe account "Caseys Cure" to raise money for the family's growing medical costs. 49 per transaction. Here are the most important steps to take throughout your fundraiser: Tell your story in at least 1-3 paragraphs. com Do you have to pay taxes on GoFundMe? Generally, contributions made to “crowdfunding” campaigns (such as GoFundMe) are considered to be personal gifts, and as such, are not taxed as income to the recipient. Things to consider. Crowdfunding platforms such as GoFundMe have performed it easy to giving to to fav cause or someone int need. We are going to list some of the most common 1099s for the sake of clarity. Per IRS requirements, the third-party payment network must issue a. I recieved a 1099-k for charitable donations for a person that was terminally ill. GoFundMe campaigns. File Form 1099-MISC for each person to whom you have paid during the year: At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest. But donors shouldn't assume their contributions are tax-deductible. File Form 1099-NEC for each person in the course of your business to whom you have paid the following during the year at least $600 in: Does GoFundMe send a 1099? GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. If you paid an independent contractor such as a graphic designer, social media consultant, web designer, or copywriter more than $600 within the calendar year, you will. 25 is sent to the beneficiary of the fundraiser after processing and appropriate verification. If you paid an independent contractor more than $600 in a financial year, you’ll need to complete a 1099-NEC. Payers use Form 1099-NEC to report payments made in the course of a trade or business to others for services. Does GoFundMe take a percentage? GoFundMe has a 0% platform fee for organizers. When you enroll, you’ll receive. Who gets the GoFundMe tip? For example, Facebook's policy states that any funds received through a personal fundraiser on the social media platform may be taxable and that if more than $20,000 is raised, a 1099-K form from. Back . If you do share your tax info, your tax rate may be up to 30% of your U. Of all the church fundraiser ideas, this one is a classic. The IRS goes on to suggest that if your fundraiser meets certain financial thresholds, that you can file Form 1099-K. 9% +$0. However, just because something is reported on Form 1099 does not mean the. A GoFundMe campaign set up to help a Baldwin Borough woman whose basement was flooded last week with 4 feet of. If you have created a GoFundMe campaign the tax implications are a little murkier than if you were simply donating to a campaign. Just contact them and, as always, keep records of your communication. 30 per donation. Brokerage account 1099s should be postmarked by February 15, 2024. After the meal, the friends send reimbursement through Venmo. Follow answered Feb 5, 2022 at 20:11. S-corporations and C-corporations do not need 1099s. Why GoFundMe takes percentage of donations. GoFundMe does not withhold funds for tax purposes or otherwise. Long-Term Effect. GoFundMe used to charge a 5 percent fee on donations made through its platform, but in 2017 it dropped that fee. 1 mo. The amount that you send someone will still appear on the primary campaign page, but it will be listed as. But you can always check with a tax professional to be sure. . How do you do a GoFundMe for a funeral? Let your support network help with memorial costs. Additionally, you don't need to send 1099’s to sellers of merchandise, freight, storage or similar items. Crowdfunding platforms such for GoFundMe have created computer easy to donate until your favorite cause or person in need. About form 1099-K. Say you organized a GoFundMe to help a neighbor whose house burned down in a wildfire. When GoFundMe identifies a potentially fraudulent campaign, it may require the people involved to clarify things for the site’s users. GoFundMe is a for-profit company. 3) You may need to reconcile this form against the amount of sales income you report on your tax return. If "he" or "she" paid you more than $600 he is supposed to provide you with a 1099Misc, but even if he does not, you should be able to use your own records to report your earnings as cash earnings. By comparison, Rag & Bone masks cost $21. That could be a tax bill and it could be a full audit. Form 1099 is a type of tax form that records payments received that don't come from salary or wages. If you are the organizer of a GoFundMe to help someone in need, keep a careful record. GoFundMe and Kickstarter do get a cut of. Isaac Iwuagwu. So, what percentage does GoFundMe take for transaction fees? A transaction fee of 2. "How Do You Receive Money From Gofundme. The crowdfunding website or its payment processor must file Form 1099-K, Payment Card. Gifts are not taxable income. Double check that your tax form status is a green “Approved” in AdSense for YouTube. GoFundMe, one of the best known crowdfunding platforms, notes on its site that donations to a personal GoFundMe fundraiser are "generally considered to be personal gifts and are not guaranteed to be tax deductible. If you have GoFundMe receipts, you should probably expect IRS scrutiny. "GoFundMe makes it incredibly easy to raise money online for the things that matter to you most. Per IRS requirements, the third-party payment network must issue a Form 1099-K when the. You get a 1099 for dividends when it’s over $600. Currently, GoFundMe takes 5 percent of donations, and payment processors take 2. That could be a tax bill and it could be a full audit. If you gather more than $600 through a crowdfunding campaign on a platform like GoFundMe, you will likely receive a Form 1099-K reporting these payments to you and the IRS. The core principle behind the crowdfunding definition is that you can help a friend or help an entire community. 1099-INT reports interest income typically of $10 or more from your bank, credit union or other financial institution. 30 per donation) $48. The growth of GoFundMe and other crowdsourced. When tax time comes, simply import your donations from ItsDeductible into TurboTax. it will flow to the other income section under 1099-K income. 8 million in 2020. Alexandra Sanchez. If you organized a. GoFundMe told CNN Business it does not issue 1099 forms. If you pay independent contractors, you may have to file Form 1099-NEC, Nonemployee Compensation, to report payments for services performed for your trade or business. Per IRS requirements, the third-party payment. Crowdfunding platforms such for GoFundMe have created computer easy to donate until your favorite cause or person in need. . GoFundMe and most other crowdfunding sites usually send 1099-Ks if the campaign raised more than $20,000 and had more than 200 donors. Although there were several other crowdfunding platforms available at the time, the existing platforms focused mainly on funding for the creation of businesses or tangible products. Typically, money raised through a crowdfunding site such as Go Fund Me is processed. December 21, 2022 Updated Is My Donation Tax-Deductible? Donations made to a personal GoFundMe fundraiser, rather than a charity fundraiser, are generally considered to be. jwb_cpa. 99Pledges – Best GoFundMe Alternative for Walk-a-Thons. If a business intentionally disregards the requirement to provide a correct. The IRS does not consider fundraising proceeds a taxable source of income. You won’t be issued a tax receipt from our company. 00 and the maximum donation amount is £30,000. A 1099 form, also called an information return, is a document sent to you by an entity that paid you certain types of income throughout the tax year. Fundraise for. A 1099-K only means that you received $600 or more during the year. Donations through GoFundMe are processed by third-party organizations that are subject to the IRS reporting rules for payment networks. On fundraisers for individuals or businesses it charges a 2. GoFundMe will send a notification to all the contributors and process refunds within 14 business days. Money collected trough crowdfunding campaigns can be accounted nontaxable if computer meets the IRS' definition of a gift. It’s not foreign, this is something that’s not new. When you donate to a GoFundMe Cause, we distribute your tax-deductible donation to the individuals, organizations, and charities that need it most. This new 1099 form is what 99% of people filing 1099s are going to use, since the. The GoFundMe transaction fees tend to vary by country. 30 to cover. If You Have A GoFundMe Campaign: Tax Tips. Crowdfunding sites like GoFundMe and Kickstarter must report campaigns to the IRS that total $20,000 or more and has at least 200 transactions. ET. GoFundMe’s payment processing fee is 2. 90 + $0. In January of this year, my dad was diagnosed with stage four colon cancer, and on Thursday, August 17th, he will be having a procedure that involves removing half of his liver. Donors have the option to tip GoFundMe Charity to support our business. The IRS 1099 Form is a collection of tax forms documenting different types of payments made by an individual or a business that typically isn’t your employer. Check out how to delete a Backpage account? Questions. First of all, here are the main requirements for filing a 1099-NEC form: The payment–which was made to a contractor–must be at least $600 for the tax year. if the recipient is a non-profit, they must send you a reciept for the gift and that doc. If you still require assistance, simply click the button below, and we will offer you individualized support and, if necessary, put you in contact with one of our. Those gifts were used to pay the medical expenses of the taxpayer and are justifiably excludable from gross income as gifts. 9% goes to Medicare. 5% transaction fee. it is quite unlikely you or the recipient would receive any tax forms as a result of gifts on GoFundME. GoFundMe was launched in May 2010 in an effort to create a platform for individuals to fund their personal causes. 1. If you’ve donated, you’ll need to know the deduction rules. u/behappy2all, brand new accounts are not allowed to participate in r/gofundme. If you make at least $20. raised of $2,000 goal. 2. 3. The organizing PTA does not need to set up direct deposits. You should still send Form. GoFundMe is a third-party platform that connects donors with people who need help with medical bills, memorial funds, and other situations. With more than 50 million donors, the platform has successfully raised over $6 billion till now. The company asks donors to leave a voluntary tip after making a donation. You don't need to send a 1099 to corporations or for payments of rent to real estate agents (typically property managers -- yet they are required to send them to the property owners). For the 2022 tax year, taxpayers will follow guidelines set forth by the old IRS rule — you should receive a 1099-K form if you earned at least $20,000 or received at least 200 transactions. September 10, 2021. From campaigns for a boy's medical bills, a man's trip to study abroad, or a woman's expenses to. Nerdy takeaways. According to IRS guidelines, you should report the money you receive from GoFundMe on your tax return as "other income. The IRS may send you a notice for unpaid taxes, but you just need to explain why you didn’t report. Payer’s TIN: List your company’s taxpayer identification number (TIN) as Payer’s TIN. IF you want to file ELECTRONICALLY, you can gather all of the same documents and file. You have interest from a bank, you get a 1099 for that when it’s over $600. Otherwise, you can manually add your banking information to withdraw the funds. Yes, you can cancel a donation on GoFundMe. May 28, 2018. Choose the fundraiser you want to view. Fighting the tax bill: The tax agency sent the Charfs a notice that the amount they’d. Listen to all options before you make a selection. As discussed below, the income tax consequences depend on all the facts and circumstances. The good news: Providing the IRS with proper documentation to show that the money went to others in need is likely to exempt the organizer. Will I receive a Form 1099-K? As of 2015, the IRS has clarified that WePay is not required to send a Form 1099-K with respect to payments that are made solely as gifts or donations. 9% plus 0. On May 24, nineteen students and two adults were killed in a shooting at Robb Elementary School in Uvalde, Texas. Karma are virtual points given by submitting posts and comments. You don’t need social media to share your GoFundMe link with your friends and family. You would receive $96. 9% payment-processing fee on each donation, along with 30 cents for every donation. As discussed below, the income tax consequences depend on all the facts and. If you have GoFundMe receipts, you should probably expect IRS scrutiny. To ensure compliance with tax regulations and avoid any potential issues, it is best practice to accurately report all income, including income reported on 1099 forms, on your tax return. Transferring funds All the steps to move funds from your GoFundMe to a bank account. From the IRS 1099-NEC instructions for ending a 1099-NEC to attorneys even if they are a corporation. Contents1 2 What percentage does GoFundMe take from donations?2. What’s a transaction fee?What percentage does GoFundMe take 2020? Free: there is a 0% platform fee and only an industry-standard payment processing fee of 1. the league or host should send you and the IRS a 1099-MISC form.