Folding a tax write off?
WuGgaRoO
Not in the shower Icrontian
Has anyone tried to do nething like this...ive got a 2500+ doing nothing but folding...anyway i can write any of that off?
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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?
Edit: Then again, who am I to argue with Him?
Types faster than I do, too.
will ur respe ct buy me more folding machines? lol jk
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.
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
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
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.
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?
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.
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?
For you and me? No, it wouldn't be worth the effort to calculate and document the charitable contribution.
The term has stuck since then (late 1800's), considering the power companies are named Hydro One, Hydro-Quebec, BC Hydro & Manitoba Hydro.