Will charitable donations through Manifold be tax deductible by the end of the year?
We are in the process of creating a 501c3 charity and seeing if there's a way we can offer our users tax deductible donations. If donations become tax-deductible any time before Jan 1, 2023, this market resolves affirmatively.
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MartinRandall avatar
Martin Randall
bought Ṁ100 of NO

Maybe the path here would be for a charity to buy out Manifold.

GavrielK avatar
bought Ṁ50 of NO
That sounds complicated and govt paperwork moves slowly.
GavrielK avatar
is predicting NO at 28%
(hm, also was using this bet to see what limit orders look like--what does "you bought M$50/M$50" mean?)
Austin avatar
bought Ṁ40 of NO
I guess there are two ways this could work: 1. Tax-deductible at time of M$ purchase? This would be consistent with "Manifold as fancy donor-advised fund" model. But this would mean all M$ purchases are made through the 501c3, and the money couldn't be repurposed for the C-corp. 2. Tax-deductible at time of sending to charity? but I this might lead to "M$ gains are normally taxable" interpretation of the law. I think 1. is a bit more plausible, but we'd really have to think through a lot (does 501c3 employ people instead of the C-corp? What the C-Corp is responsible for; private instances?)
MartinRandall avatar
@Austin tax deductible at time of purchase is awkward for tips. I'm not allowed to benefit from DAF money so for every tip I'd presumably need to be sure that I'm not benefiting from the comment I'm tipping.