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Plenty of high school kids have bank accounts here. That's not the issue. The problem is that a personal bank account doesn't qualify as a non-profit under U.S
by hobbyjogger 8y ago
Plenty of high school kids have bank accounts here. That's not the issue.
The problem is that a personal bank account doesn't qualify as a non-profit under U.S. tax laws. So donors can't write off the donation and the kid would be assessed income taxes on the donation.
- TomMarius 8y agoHuh, that makes it even stranger. How do you e.g. share flats? Buy tickets for a concert as a group? Buy a plane ticket as a group? This is basic stuff...
- hobbyjogger 8y agoNone of those are donations, nor are they anywhere near being tax deductible. Again, you're focused on a totally different issue. There's nothing wrong with splitting costs or reimbursing a friend who bought you something. Splitting rent or cab fare, etc. is fine, but that certainly doesn't mean a H.S. kid can receive $50k in "donations" in his/her personal bank account without worrying about the tax implications. That's the issue the OP is trying to address.
- TomMarius 8y agoI see now, thanks.