4 ms·
Might as well literally burn cash for that - still not a good idea.
by 1ris 7y ago
Might as well literally burn cash for that - still not a good idea.
- jethro_tell 7y agocan you write off loss due to cash fire?
- weinzierl 7y agoThe KLF would approve[1]. EDIT: I looked it up because I wasn't sure about the details. Man, what a rabbit hole. There is even a Wikipedia page about money burning and its legality in various jurisdictions[2]. [1] https://en.wikipedia.org/wiki/K_Foundation_Burn_a_Million_Quid https://en.wikipedia.org/wiki/K_Foundation_Burn_a_Million_Qu... [2] https://en.wikipedia.org/wiki/Money_burning https://en.wikipedia.org/wiki/Money_burning
- wahern 7y agoIt's an asset like anything else, so AFAIK same profit and loss rules apply. For a business that means yes, you can. For individuals that means no, you can't, unless there's a special exception such as losing your cash in a federally declared disaster. If you're both and the assets are mixed (e.g. operating budget and retirement account are both kept under your mattress), I imagine the IRS would presume the cash was personal and it'd be difficult to argue otherwise. I'm not an accountant but have studied basic tax law. I only briefly Googled to make sure I'm not patently misrepresenting things, though.
- NullPrefix 7y agoWhat about the carbon offset?