Helping My Friend

FAQ - Frequently Asked Questions

Do I need to report funds received on Venmo for tax purposes?
​​It depends on the state you are in. Most donations are considered gifts and are tax exempt up to $18,000 per recipient.
​To check your status, CLICK HERE.
 
Are there limits to giving and receiving on Venmo?
​​Yes. There is no limit for receiving person-to-person funds, but there is a limit to how much you can give. Venmo limits person-to-person giving to $4,999 per week. 
 
How can I use HelpingMyFriend.com as a fundraiser for my sports team?
We recommend incorporating the idea of a raffle. Say it is a youth baseball team. Start a project on HelpingMyFriend.com, and in description text box, write a note telling your supporters that for every $5 donated, you will get your name on a slip of paper or ticket that we will draw out of a hat on practice Thursday night. The winner will get the baseball team for two hours to perform a task agreed to by all parties. Maybe it is washing cars for everyone at your work. Maybe it is doing yard work for elderly citizens who struggle to do it on their own. You can use this as an opportunity to help your team and help others. You will get the money up front as it comes in, and you will provide your players with a wonderful opprtunity to learn about helping others. Win win! 
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