Congratulations! You’ve successfully reached your crowdfunding goal! But even before you make your film, you should consider how you’re going to claim that money on your taxes. For this month’s edition of Legal Ease, we asked attorney Lisa Callif, Partner Donaldson + Callif about the tax effects of crowdfunding.
According to Callif, there are a few common misconceptions about what crowdfunding revenue is. “Some people think they are donations, which they are not. Some people think they are gifts, which they are not,” says Callif.
Watch her explain why experienced CPAs are often treating crowdfunding revenue as a pre-sale:
How to handle crowdfunding revenue on your taxes is just one of the topics Callif covers in Film Independent’s monthly LEGAL EASE series. If you have a question for attorney Lisa Callif, please send them to us at email@example.com.
Tom Sveen / Film Independent Blogger
The statements and opinions expressed here are those of the lawyers who provide them. They do not necessarily reflect the views of Film Independent; its directors, officers and staff. Film Independent does not warrant the accuracy, reliability, currency or completeness of those statements or opinions and does not accept any legal liability arising from any reliance on them.