Tax Deduction??

tactomtactom Betty Ford Clinic for Folding Addiction
edited October 2003 in Folding@Home
It just occurred to me that the cost to run these rigs might be tax deductible as a "Charitable Contribution", but I'm not a tax attorney. Would anyone have any info about this? Contributions to a charity (?) or contributions to a school?

Would help to defray the ongoing costs, if valid.

Disclaimer: In no way am I suggesting that anyone do this, I am only asking for information/guidance.

Comments

  • CammanCamman NEW! England Icrontian
    edited October 2003
    oh no, not this topic again! ahhhhhhhh! :)
  • tactomtactom Betty Ford Clinic for Folding Addiction
    edited October 2003
    Camman said
    oh no, not this topic again! ahhhhhhhh! :)

    Did I step in it? Didn't even think to do a search. So what was the verdict the last time?
  • CammanCamman NEW! England Icrontian
    edited October 2003
    http://www.short-media.com/forum/showthread.php?s=&threadid=2946&highlight=tax+write+off


    seems to be kinda mixed
  • Geeky1Geeky1 University of the Pacific (Stockton, CA, USA)
    edited October 2003
    I doubt it's legal, but it SHOULD be IMO...
  • CaffeineMeCaffeineMe Cedar Rapids, IA
    edited October 2003
    Hell, I can barely add a column of numbers! :)

    Seems to me that a PC running 24 hours to do work for a public university (Stanford), running electricity that YOU pay for ought to qualify as a donation. However....and again, I am NOT a tax attorney, an accountant, or any type of taxation expert (tho I do pay taxes, oh lord do I pay!), it seems to me that in order for your donations to have much of an impact on your overall taxes, the donations have to be significant. $50/yr. for electricity to the F@H project probably isn't enough to impact your taxes all that much. Additionally, the odd entry on your tax form MIGHT be just the thing to trigger an audit. And the time you spend on the audit will more than offset the paltry savings brought on by the deduction you got to take.

    Of course, that's just my opinion.
  • tactomtactom Betty Ford Clinic for Folding Addiction
    edited October 2003
    Bottom line is only a certified tax expert will be able to answer this definitively. However, the logic so far regarding unused cycles is sound, i.e., if you have the computer anyway, then it is a cost that will be normally incurred and therefore is not deductible. Here's the difference, though, with a farm that is dedicated solely to Stanford, it might be possible to justify that specific power cost each month, if it is significant, and it is in California; roughly, $200/month only for the farm right now. Hopefully, the new govenor, if we get one, will do something to reduce the cost of electricity that Enron drove up in 2001.
  • GHoosdumGHoosdum Icrontian
    edited October 2003
    $200 per month?!? EGAD!
  • a2jfreaka2jfreak Houston, TX Member
    edited October 2003
    Texas foot the lion's share of all the states that bailed California out during their energy crisis. Guess who that cost? The state of Texas. The people of Texas. The companies of Texas. Well, costing the state means it costs the people too and costing the companies means it costs the people too. Basically the citizens of Texas were ripped a new one because California has idiots running the state.

    So, trust me, we Texans know how it is to get ripped a new anus because of energy prices! I don't pay $200 a month for my computers, but our electrical bill last month was over $700! I know how it is man . . . it sucks. If it helps though (which it doesn't) you're not alone in the getting-screwed-by-engergy-companies dept.

    We're looking into solar power for when we build our new home. Some new advancements have just been made which is cool but I don't know if that stuff will be at the consumer level whenever we start to build. I sure hope so!

    Anyway, energy companies suck! They rip people whenever they get half a chance! Screw them!

    // Edit: Forgot to mention. You can purchase devices that plug into your wall and then you plug your electrical components into that and the device will tell you how much electricity has been used. If the stupid things didn't cost like $35 I might would get one just to see exactly what I pay per machine each month.
    tactom said
    Bottom line is only a certified tax expert will be able to answer this definitively. However, the logic so far regarding unused cycles is sound, i.e., if you have the computer anyway, then it is a cost that will be normally incurred and therefore is not deductible. Here's the difference, though, with a farm that is dedicated solely to Stanford, it might be possible to justify that specific power cost each month, if it is significant, and it is in California; roughly, $200/month only for the farm right now. Hopefully, the new govenor, if we get one, will do something to reduce the cost of electricity that Enron drove up in 2001.
  • LeonardoLeonardo Wake up and smell the glaciers Eagle River, Alaska Icrontian
    edited October 2003
    (on topic, please -- good topic for discussion, though :) )
  • BDRBDR
    edited October 2003
    I wondered what it's costing you to run your Farm.
    I know what mine's costing and I only have a fraction of what you're running.

    Funny thing, I turned off 3 of mine, and through some tweaking, I'm getting the same output as I was when I was running all of them.

    It works for me.

    :)

    (I actually have 2 turned off and have 1 running Angel_Heather.
    That makes 3 less that are producing for BDR)


    Edit- and to stay OT- I doubt it's a legal tax write off, since it's considered a"hobby".

    You don't want the IRS's attention. Although around these parts running high electric bills gets the attention of the DEA.
    That's one of the things they look for when they are trying to find meth labs and pot growers.

    BDR is awaiting a knock on the door. :wtf:
  • mmonninmmonnin Centreville, VA
    edited October 2003
    BDR if you OCed that takes more wattage to power the CPU but I still think its more economical to OC one computerand turn another machine off like you did.

    I wish it was tax deductable. That would be awesome.
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