I'm not sure if this is the right place to ask about this, but I'm not sure where else to go.
We are raising money for a kidney transplant. I keep hearing conflicting info on if we will have to pay taxes on what we raise.
Our goal is $150,000.
We are NOT a non-profit, just family and friends raising money for someone who needs it.
Any ideas where I can find info on 'the rules' on this?
Also, is it different if you are having an auction? We are having an auction on the 17th and someone told me we'd have to have a tax id number to do this.
As a private thing does any of this matter?
Thanks you guys -- and I appreciate all the great ideas you've posted so far!
www.myspace.com/saktf