5 yr old son w/ cancer. How do I set up bank account for donations to help pay for medical bills?
Laid off and subsequently lost insurance. 2 weeks ago, my 5 year old son was diagnosed with cancer and we’re facing 3 years of treatment. Several friends and family have offered to donate money to help pay for his medical expenses. What kind of bank account do I need to open that will allow people around the country to make a donation, allow me to use the funds to pay his doctor, and limit the taxes I’ll have to pay?
The amounts given are gifts, and you won’t owe any tax on them. They aren’t deductible for the donors, either.
Good luck – I hope the treatments are successful for your son.
Have you looked into CHIPS for him through your state?
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