[Cancer]
[cancer] A few more comments on the fundraiser
Last night, the Acts of Whimsy cancer fundraiser crossed 200% of goal. Many deeply hilarious Acts of Whimsy have been unlocked, and I know there are more to come. Among other things, ![[info]](http://l-stat.livejournal.com/img/userinfo.gif?v=1){kind=small}
the_child
I want to emphasize again my profound thanks and appreciation to everyone who is participating. I am humbled beyond my capability to put into words, and grateful past measure. You guys are magnificent. Especially, my thanks to Mary Robinette Kowal and Catherine Shaffer for driving all this, and making so very much happen.
But I also wanted to say a couple of other things.
First, this fundraiser is at its heart for me to be able to pay for whole genome sequencing of my tumor tissue. That’s what the initial 100% goal of $20,000 is for. The test alone costs $13,000, with OR costs, pathology costs, shipping and fees for interpretation adding as much as another $5,000. We rounded up to $20,000 because I also have to pay taxes on the money raised as income, since I am not personally a legally recognized charity or non-profit organization. (Insert obvious jokes here.)
The fundraising site explains this in detail, but the basic purpose of the testing is to determine if there are better treatment courses than the standard of care for my type of cancer. This is because a small percentage of cancers express themselves differently than their genetics would suggest. Diagnosis is done by presentation and tumor morphology, but the treatments are based on the presumed genetic signatures of the cancer. In other words, my cancer might be genetically kidney cancer (or whatever) despite presenting as colon cancer. If so, that would explain my poor responsiveness to chemotherapy over the past five years. We’re almost at the end of the treatment flowcharts, and everything we’ve tried has failed. I’m not terminal yet, but the odds of me going terminal in the next couple of years are well above 90%. The testing gives us the possibility of another way out of this dead end, another treatment path that hopefully could lead to a cure, or at least significant life extension for me.
However, because this kind of testing is still experimental, not part of the routine standard of care, nor covered by insurance, it is expensive and non-trivial to procure. My tumor genome will also become part of the research process, as the companies, institutions and laboratories working on this project continue their efforts to prove the validity of whole genome testing for tumors. In other words, SCIENCE!!!
Your donated dollars are doing double duty to look for a way to save my life, as well as contributing to a long-term research effort that could eventually save millions of more lives.
What better way for a science fiction writer and the SF community to transmute the horrors of cancer into something approaching a public good? For this, I thank you.
Second, a few people have asked me how I plan to spend the money, since we are well over goal and continue to tick along nicely. The stated usage of the overage per the fund-raising site is for me to afford a leave of absence. I’m still considering exactly what to do about that. However, here is the current plan:
- $20,000 for testing costs.
- 20% of total fundraising (currently ca. $8,000) set aside for taxes.
- 5% of total fundraising (currently ca. $2,000) to be given on as charitable donations, primarily to the two hospitals here in town that have been the most key to my family’s health.
- The balance of the funds to be set aside for a combination of future 2013 expenses (I spend about $10,000 per year out of pocket on costs of illness), retiring substantial existing medical debt, and supplementing my disability income for a leave of absence. The exact proportion of those three uses remains to be determined, as I won’t even consider budgeting the overage until all the testing costs have been accounted for and settled.
As you can see, there is really no level of goal achievement on this fund raiser that can’t be put to good and immediate use.
Again, my profound thanks to everyone involved. I really appreciate the continued support. As does the_child
Plus, well, SCIENCE!!!
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Posted: 6:52 am Mon January 14 2013 |
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Taxes have to be paid on these funds? Sigh. Does somebody know Jay’s state and federal representatives? Maybe this would appall them as much as it does me…
Why would the donations be income taxable to Jay? For most of us they were simply gifts, which are specifically not includable in income under federal tax law. Only donations from his employer would be income unless there are complicating factors here.
Well, and I need to talk to a tax accountant or attorney, but insofar as I know at this point, from the IRS point of view this is income. I’d be thrilled to learn otherwise.
This whole thing makes me giddy because it really represents the awesomeness that is fandom – alternating deep caring an generosity with utter absurdity.
Contessa Paxton Timmerman can your hubby address this?
BTW, a bit more research on the IRS Web site seems to indicate this is not taxable income. I still want professional advice regarding my reporting requirements, etc., however.
Individual gifts of less than 5000, per individual gift-giver, per annum, I thought. But you are correct in seeking professional advice.
Here is the statute: TITLE 26, Subtitle A, CHAPTER 1, Subchapter B, PART III, Sec. 102.
(a) General rule
Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance.
(b) Income
Subsection (a) shall not exclude from gross income -
(1) the income from any property referred to in subsection (a); or
(2) where the gift, bequest, devise, or inheritance is of income from property, the amount of such income. Where, under the terms of the gift, bequest, devise, or inheritance, the payment, crediting, or distribution thereof is to be made at intervals, then, to the extent that it is paid or credited or to be distributed out of income from property, it shall be treated for purposes of paragraph (2) as a gift, bequest, devise, or inheritance of income from property. Any amount included in the gross income of a beneficiary under subchapter J shall be treated for purposes of paragraph (2) as a gift, bequest, devise, or inheritance of income from property.
(c) Employee gifts
(1) In general
Subsection (a) shall not exclude from gross income any amount transferred by or for an employer to, or for the benefit of, an employee.
In short, money received as a gift is not included in your income. Income derived from the money you receive (as interest, for example) is income to you. A gift from your employer is generally included in your wages.
I don’t think the exception in section 102(b)(2) applies, but if you have received a gift of a stream of income instead of a flat gift of money, the income is includible in your income.
Needless to say, I am not authorized to give you legal advice, only to point out what I think are the controlling authorities. You should discuss this with your accountant.
Thank you, John.
Always glad to help, Jay.