Karen Klein, the 68-year-old bus monitor who was verbally abused by a group of 12-to-15-year-old students, has received more than $600,000 for a well-earned vacation from Internet users as of Saturday afternoon.
“The gift tax implications are more relevant on the donor side,” said Clark. “If individual donations don’t exceed $13,000, there are no issues for the donors. If a single donation exceeds $13,000, the donor is supposed to file a gift tax return. I am guessing that most donations are on the small side. And it isn’t clear, but I assume that there is no ‘charitable purpose’ behind these donations for IRS purposes, so there’s no tax deductions for donors.”
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