Post
Topic
Board Announcements (Altcoins)
Re: BiblePay | 10% Charity | POBH CPU | Sanctuaries (Masternodes) | Orphans
by
SEO_Account
on 18/08/2019, 03:08:35 UTC

5.  So another benefit in POOM integration is it gives Fiat buyers an additional tax-deductible way to invest in BBP without going through an exchange; and it also decreases our monthly net sales pressure from coin emissions (as less rewards will be sold on the exchange for electricity/mining and instead be repaid for orphan expenses).  Its also good in the sense that it increases our real world utility.


I am not a tax professional or a US citizen but the issue has been mentioned else where and I decided to look for myself so I found this

https://www.irs.gov/publications/p526

Use CTRL+F search for "Contributions From Which You Benefit"

"If you receive a benefit as a result of making a contribution to a qualified organization, you can deduct only the amount of your contribution that is more than the value of the benefit you receive. Also see Contributions From Which You Benefit under Contributions You Can't Deduct, later.

If you pay more than fair market value to a qualified organization for goods or services, the excess may be a charitable contribution. For the excess amount to qualify, you must pay it with the intent to make a charitable contribution.

Example 1.

You pay $65 for a ticket to a dinner dance at a church. Your entire $65 payment goes to the church. The ticket to the dinner dance has a fair market value of $25. When you buy your ticket, you know its value is less than your payment. To figure the amount of your charitable contribution, subtract the value of the benefit you receive ($25) from your total payment ($65). You can deduct $40 as a charitable contribution to the church.

Example 2.

At a fundraising auction conducted by a charity, you pay $600 for a week's stay at a beach house. The amount you pay is no more than the fair rental value. You haven't made a deductible charitable contribution."