CraigTheSpaceBum on Nostr: Not tax advice but basically (at least here in canada) from my knowledge. A person ...
Not tax advice but basically (at least here in canada) from my knowledge. A person can donate up to 40% of their wealth to a registered charity and receive a tax deduction to lower that persons taxes to a lower bracket lol. One of the main reasons you dont get a tax slip when you donate at grocery stores is because the grocery store donates your money on your behalf and claims the deduction on their taxes 😂. If opensats or nostr devs had a non registered business only makes sense for businesses and people to donate. But if I donate bitcoin, can I write off the fiat value on my fiat taxes? 😆
If you can then technically you have a loop hole, say you bought $100 of bitcoin, it goes up to $140 in value. You donate $20 in value and you sell $20 in value. Bam you don't pay any tax on that bitcoin because the donation value off set the gain and at the same time your improving nostr 😅
Published at
2024-04-14 21:19:59Event JSON
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"content": "Not tax advice but basically (at least here in canada) from my knowledge. A person can donate up to 40% of their wealth to a registered charity and receive a tax deduction to lower that persons taxes to a lower bracket lol. One of the main reasons you dont get a tax slip when you donate at grocery stores is because the grocery store donates your money on your behalf and claims the deduction on their taxes 😂. If opensats or nostr devs had a non registered business only makes sense for businesses and people to donate. But if I donate bitcoin, can I write off the fiat value on my fiat taxes? 😆\n\nIf you can then technically you have a loop hole, say you bought $100 of bitcoin, it goes up to $140 in value. You donate $20 in value and you sell $20 in value. Bam you don't pay any tax on that bitcoin because the donation value off set the gain and at the same time your improving nostr 😅",
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