Hello - my 19yr step-son has brain cancer and we have been raising money to help with mostly medical and some living expenses since he is not working. He is on my insurance but there will be a lot of co-pays. Right now we have raised over $3,000 and think we will get up to $5,000. My wife and my step son's father opened up a checking account to put the funds in. My step-son has filed his own taxes last year and he only makes like $10,000 a year working a subway. We live in CT. My question is how is this money handled tax wise? How will report the taxes and how? Do we need to keep records as to how much money and where it goes - meaning what kind of record keeping do we need for how the money was used?...does the IRS require something. Thank you for your help!