Testnet - Test Proof of Giving

[way2]

Could you give me an example of what you mean, for you personally, for our org as a whole, for what charity, and for what purpose is it for?

This is a donation of personal funds by each participant to a charitable foundation that functions as a pass through to Compassion International.  I haven't been able to get donations to go through yet, but if I did 200 BBP every four hours, that would equal $94  for 2019 at current prices.  This isn't a big deduction to miss out on, but if BBP price goes up significantly, being able to deduct that from my taxes could become a big deal.  There are specific reporting requirements for these types of donation, so how do I access the tax reporting for next year's taxes?

[way2]

Also, how do I get my coin age?

[sunk818]

This is a can of worms. Talk to your accountant and hope so/he understands crypto.

Donating BBP if you're going to file would be value at the date of transaction not value on a different date. You might use CMC historical rates and figure out your donations.

But since you're donating BBP and possibly earning bbp as well...  And since it is bbp to bbp is it really a taxable trade?

And then you're not the one selling to BTC and then to fiat... So who gets the deduction?

Filing taxes for crypto is already complicated but trying to declare for orphan foundation is likely something no accountant understands.

[way2]

This is a can of worms. Talk to your accountant and hope so/he understands crypto.

Donating BBP if you're going to file would be value at the date of transaction not value on a different date. You might use CMC historical rates and figure out your donations.

But since you're donating BBP and possibly earning bbp as well...  And since it is bbp to bbp is it really a taxable trade?

And then you're not the one selling to BTC and then to fiat... So who gets the deduction?

Filing taxes for crypto is already complicated but trying to declare for orphan foundation is likely something no accountant understands.

Thanks for your reply.  Taxes isn't a strong point for me, but I think your questions should be relatively straight forward.  The fact that it is crypto shouldn't be much of an issue.  The contribution value should be fair market value when the transaction occurred.  However, since we are donating aged coins, the taxable basis would be the cost when they were purchased.  The basis should be the value at donation minus cost at purchase.  How it is treated will be whether it is considered long or short term (whether it is held for more or less than one year)

It should be a deductible trade (quid pro quo)  because of how everything is labeled (proof of giving, tithe).  Many people will be over $75 annually (https://www.irs.gov/charities-non-profits/substantiating-charitable-contributions) so there is a required written disclosure statement from BBP foundation as a pass through.  Each individual should get the deduction.

The model where 10% off the top goes to Compassion should not be deductible by individuals but would be by Biblepay.  This is my expectation, but again, taxes is not a strong point for me.

[Ichthus220]

Hey gang,

quick question:

I have 3 laptops running boinc that feed rewards to 1 wallet that is associated with boinc. I each laptop also has a biblepay wallet. Can I only do POG from the wallet associated with my boinc account?

Thank you,

[sunk818]

I have 3 laptops running boinc that feed rewards to 1 wallet that is associated with boinc. I each laptop also has a biblepay wallet. Can I only do POG from the wallet associated with my boinc account?

PoG doesn't require BOINC account (distributed computing).

You can do PoG tithe? from any wallet,  In practice though, I'd suggest you do this from one wallet.

[Ichthus220]

PoG doesn't require BOINC account (distributed computing).

You can do PoG tithe? from any wallet,  In practice though, I'd suggest you do this from one wallet.

Thank you sunk818! Why the 1 wallet suggestion?

[sunk818]

Thank you sunk818! Why the 1 wallet suggestion?

Why would you use more than one wallet? You can do PoG from multiple wallets, but there's no point. You can just shorten the time you tithe from every 4 hours to as quickly as every 2 minutes. Unless you've got such a huge bankroll where 2 minutes wouldn't exhaust your coin age, then you'd need to spread out to multiple wallets. Until then, it is more maintenance of multiple wallets without a good reason.

[Ichthus220]

Why would you use more than one wallet? You can do PoG from multiple wallets, but there's no point. You can just shorten the time you tithe from every 4 hours to as quickly as every 2 minutes. Unless you've got such a huge bankroll where 2 minutes wouldn't exhaust your coin age, then you'd need to spread out to multiple wallets. Until then, it is more maintenance of multiple wallets without a good reason.

The only reason I had for multiple wallets was just because I didn't like the idea of having all my BBP in one wallet. Especially since my original wallet which is associated with BOINC is very old and crashes every now and then. I let it build up then transfer some to the other 2 wallets. I guess I can retire that wallet and laptop and move everything to my newer laptop and re-associate that wallet to my BOINC account or should I just stop doing BOINC since POG is much greener?

[Ichthus220]

the above message should have read:
* is on a very old laptop which crashes every now and then


Is there anyway to edit a message?

[Rob Andrews]

the above message should have read:
* is on a very old laptop which crashes every now and then


Is there anyway to edit a message?

Sorry, trying to remember where we were with this, edit which message?