Folding a tax write off?

[WuGgaRoO]

Has anyone tried to do nething like this...ive got a 2500+ doing nothing but folding...anyway i can write any of that off?

[Buddy J]

I think you can. This was discussed a looooong time ago and the general consensus was yes if I remember right.

[profdlp]

I kind of doubt it. Unless the Folding program qualifies as a registered charity.

I think the IRS would argue that since Folding only uses unused processor cycles, it's not really costing you anything. Maybe there is a tax attorney around who could give a definitive answer.

But hey, you've got my respect - that's worth something, right? :D

Edit: Then again, who am I to argue with Him? :p
Types faster than I do, too. :respect:

[WuGgaRoO]

profdlp said
I kind of doubt it. Unless the Folding program qualifies as a registered charity.

I think the IRS would argue that since Folding only uses unused processor cycles, it's not really costing you anything. Maybe there is a tax attorney around who could give a definitive answer.

But hey, you've got my respect - that's worth something, right? :D


will ur respe ct buy me more folding machines? lol jk

[mmonnin]

Yeah I would think it would have to be for charity or something.

[Leonardo]

the general consensus

Hmm, sounds like #$%$house lawyers to me. Yes, I do lump myself into that group as well!

It would seem that you would have to document a monetary cost, or monetary value of goods given/services rendered. When I've donated clothing or old household goods to goodwill before, I've always tried to get a receipt. Usually the receiving charity would not write in a dollar value. I just had to estimate the value, using the charity's (thrift store) prices as a baseline.

I'm with Prof - I wouldn't want to even try this without a professional's opinion rendered.

[t1rhino]

Going by what Leo said, you might be able to say you donated your unused cpu cycles to Folding. Then the amount to claim is what it is costing you in hydro to run the computer.

[Camman]

t1rhino said
Going by what Leo said, you might be able to say you donated your unused cpu cycles to Folding. Then the amount to claim is what it is costing you in hydro to run the computer.

Alright, maybe I'm missing something, but from the other thread about how much running F@H costs, I've gathered that

hydro = electricity ???

where does this come from? I've never heard it put that way before

[t1rhino]

Camman said
t1rhino said
Going by what Leo said, you might be able to say you donated your unused cpu cycles to Folding. Then the amount to claim is what it is costing you in hydro to run the computer.

Alright, maybe I'm missing something, but from the other thread about how much running F@H costs, I've gathered that

hydro = electricity ???

where does this come from? I've never heard it put that way before

Hydro must be a Canadian term then. ;)
And yes, by hydro I mean electricity

[Leonardo]

Sure, just tell the Internal Revenue Service that you estimate it cost you X Dollars for Tax Year 2003 in "hydro" to donate Y "spare CPU cycles for "Folding". :scratch: They will respond, "Well certainly Sir, but we don't believe crop circles are caused by aliens. I believe a full audit of your last five years of federal returns is in order." :eek2: :eek2:

[TBonZ]

http://www.hydro.com.au/education/electricity/hydroelectricity.html

[Camman]

TBonZ said
http://www.hydro.com.au/education/electricity/hydroelectricity.html

Yes, I know what hydro electricity is, and I was thinking about that when I read it, but I had never heard someone refer to electricity in a general sense as "hydro."

Just like I know that the area I live in happens to be served by a Nuclear power station, I don't refer to what comes out of my wall as "nuclear" , I call it "electricity"

but.. thanks for clear that up t1, I was just curious :)

[TBonZ]

Camman said
TBonZ said
http://www.hydro.com.au/education/electricity/hydroelectricity.html

Just like I know that the area I live in happens to be served by a Nuclear power station, I don't refer to what comes out of my wall as "nuclear" , I call it "electricity"

LOL, I see your point and how it does sound strange to you. I'm with t1, it might just be an Ontario thing (not sure about the rest of Canada) but equating hydro = electricity just seems natural. :buck:

[GHoosdum]

Seems like it would be a logical equation up there in Ontario... down here though our power needs are fulfilled by the burning of fossil fuels! Mmmmm! ;)

[Buddy J]

My rational for saying Folding should be a tax deduction is twofold.
1. Donations to Boy Scouts is a tax deduction. Things that count include milage driven to and from events, campouts, and other various expendatures that are somehow related to the organization. THe BSA isn't a charity but is a non-profit organization. That leads me to believe that stuff done for npo's is a tax deduction. (I don't know if the program has a non-profit/tax exemption status with the State of California, but it would seem like if they qualified for one, they'd have it)
2. Donations to colleges are tax deductions. Monetary or otherwise, stuff you give to schools is a write-off. Since Folding is at Stanford, and it benefits Stanford when you pay your electric bill, the money spent on the Folding program should be a deduction.

Where is S-M's Resident Accountant? Do we even have one?

[Leonardo]

My rational for saying Folding should be a tax deduction is

BJ, I don't think anyone here has implied that Folding is not worthy of a tax advantage, or that it's not for profit status is questioned. I just think it would be very hard to pass scrutiny with IRS, as the means for Folding production are not easily quantifiable.

How many Kw hours of power did your computer consume last month for Folding? Did you (or me) pay the electric bill? And, was the machine running Folding 24/7, exclusive of anything else that could have used some of the CPU cycles?

That's where it gets really tough.

[Buddy J]

You know what, if it costs me $3 a month to run a folding system, I'd gladly pay it instead of having to deal with the paperwork involved in determining the deduction amount. The cycles I spend running the spreadsheet would be better used for Folding.

I guess what it comes down to is that if you really really wanted to try to use it as a deduction, I think you could, but would it be worth all the hastle?

[Leonardo]

I think it would make sense for some people. When MrBill was folding for us, he had as many as eight personally-owned machines running in his house. 24/7/365 - that's a lot of electricity.

For you and me? No, it wouldn't be worth the effort to calculate and document the charitable contribution.

[SimGuy]

Ontario, British Columbia, Manitoba, the maritimes & Quebec usually refer to electricity as "Hydro", since the first generating stations in these provinces were hydroelectric.

The term has stuck since then (late 1800's), considering the power companies are named Hydro One, Hydro-Quebec, BC Hydro & Manitoba Hydro. :D

[WuGgaRoO]

i think they got us by the bawls with the point thing though..its like..technically we r not doing this for free..we are getting sumthing in return...points