What form do you file first as you have not filed for 501C3 status yet and need to do taxes on fundraised money which has already been given to cause and need to know?
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Answer:
Unless other arrangements have been made with the Charity, the one/Co that raised the money has taxable income for the amount raised, and likely a charitable deduction for the amount donated (presuming it was donated to a QUALIFIED charity). Those giving the money did not donate to a charity and do not have any deduction.
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