Folding Farm Tax Write Off...

[DECwakeboarder]

I was just taking a shower, my second best thinking spot, and I thought "Since a folding farm is basically just a donation to a non for profit organization, why couldn't you consider it as a tax write off?" I was wondering what you'd have to do to be able to do that or if it would even be possible. Maybe some of the OCC "elders" could help me out here. Thanks.

[cybergrunt69]

I don't think that would be a very smart thing to do unless you want to get audited. If you want to claim a deduction, you have to have some type of receipt from the non-profit organization that you donated to. If you did have some type of paper to show for it, you'll also need a bunch of receipts to show for the hardware and software costs, as well as some type of bill for the electricity (power, cooling, colo rent, etc).

 

IF you were able to get the tax preparer to write it in, the dollar amount may cause your return to have a higher-priority for auditing. If you do it yourself, it's also more likely to get looked at than if H&R Block does it.

 

If I'm wrong, PLEASE say so, and back it up. If this can be done, I'd waste no time putting this in my return too! I'd never thought of this - sounds cool.

[DECwakeboarder]

Lol, I really want to start a folding farm, more and more people I know and friend's family members coming down with some sort of cancer....it's just that funds are tight for me right now, so I don't see any way of doing it outside of this.

[NCC10281982B]

Good idea. I wonder if anyone @ stanford has thought about this?

 

If running a folding comp costs 6$ a month (power) x # of rigs. Hardware is big too. For example, I think I'm about 3g into my folding projects. You are looking @ a fair amount of money being 'donated'

[sykocus]

I have a feeling that things like services can't be deducted. only cash and physical goods. also the group that runs the fah project would need to have 501c3 status with the IRS. the value of the computer equipment probably wouldn't count either becuse you still have ownership.

[tazwegion]

Well down here, we can claim computer hardware & software expenses against self learning tax deductions... though you have to apportion the claim against what actual educational use it's had, ie. 20% research

 

[Nerm]

I thought of this a while back and asked my dad's Accountant/Tax guy and he said it wasn't a pliable right off because it isn't a direct donation like $$ would be. It is looked at by the government as more of a donation of your time or the time of your computer than a donation of $$ which your time isn't deductable.

[gravy]

my power is $$

 

but it wont be deducted as F@H research, it will fall under something more "everyday"

[exeter_acres]

Here is a thread discussing this:

 

http://forum.folding-community.org/viewtop...8&highlight=tax

 

 

Seems that seems you are only "loaning" your computer and not truly donating than it probably wouldn't work...

 

but as Vijay stated..

 

Consult your own CPA/ Tax attorney regarding this

[road-runner]

I will ask my dad to talk to his CPA/same person has been doing books since he opened in 1976 if theres a way this guy should know hes good. Since 3 of my machines are currently at the office and can have a lot more down there pretty quick, and its only about a mile away. The company has bought a lot of computer parts and we (I am disabled now I was vice president) or he now gets auditeded evey so often anyway, but this guy is good or somebody is my dad has bought land/houses for all of us family members and houses, bldgs., mobiles homes etc. all cash money and rents everything out but the ones every family member has. he has been in business a long time we have seen a lot of companies come and go bankrupt since 1976 when we opened. Good thought Exeter.

 

 

[Nemo]

Sounds like we should set up the OCC Folding Center - as previously suggested by robAP - and aplly for tax empt staus!

[Nerm]

Sounds like we should set up the OCC Folding Center - as previously suggested by robAP - and aplly for tax empt staus!

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I like that idea Nemo! I would donate a rig or two for something like that. Also, by doing it that way it should be deductable because you are actually giving the computer away rather than just running the F@H program on a computer you own and keep for yourself.