Question by Query GIRL: if I by way of a house party and ask for “donations” for a “charitable” event, how do I put that on my taxes if
I DO NOT make adequate to itemize

Very best answer:

Answer by bostonianinmo
Easy. You don’t. And you would not even if you DID have enough itemized deductions to itemize, assuming that you were correctly sponsoring a registered charity the folks creating the donations would get the deductions.

But seeing as you place the terms “donations” and “charitable” in quotations, I am going to additional assume that you’re just raising funds for yourself or an individual who isn’t a registered charity and in THAT situation, the income you raise is TAXABLE Earnings to YOU. Show it on line 21 of Form 1040, Other Revenue.

Bona-fide gifts are not taxable to the recipient, but when you ASK for them, it becomes “begging income” and THAT is completely taxable.

What do you think? Answer beneath!

Question by Erin K: What occurs to “leftover money” donated to political campaigns?
Lots of funds is donated by men and women to political campaigns. What takes place to any of the cash that is not spent? It does not appear likely that it would go to the politician for individual use or that it would go back to donors. Does it go to charity or the government or what? Just curious about it.

Very best answer:

Answer by perflexed
by resent events I would say hookers, mistress’s and drugs.

Give your answer to this question beneath!