Crowdfunding Limits – March 5, 2021

I saw a comment on social media about someone wanting to raise well over $600K – 800K for various projects using a crowdfunding campaign. This was a private individual who thought it was possible. I am not sure a celebrity or famous person could raise that much money using a personal appeal. In my research, it’s best to limit a crowdfunding campaign to one issue and not try to raise this amount as the odds of a regular person raising this amount is very unlikely.

Plus, some crowdfunding websites don’t allow these kinds of campaigns. In addition, there are tax issues you have to address when doing a crowdfunding campaign. Some things you may be able to write off, but some things you cannot write off if it’s for a personal campaign. This is a point missed by numerous campaigns. If it’s for a product you are raising the money in the campaign, then you can write off more things on taxes.

About Wichita Genealogist

Originally from Gulfport, Mississippi. Live in Wichita, Kansas now. I suffer Bipolar I, ultra-ultra rapid cycling, mixed episodes. Blog on a variety of topics - genealogy, DNA, mental health, among others. Let's collaborateDealspotr.com
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