Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Are carbon credits tax-deductible?

0
Posted

Are carbon credits tax-deductible?

0

On One Hand: Carbon Credits Are Retail TransactionsCarbon Planet, which sells carbon offsets in Australia, says that its credits are not tax-deductible because they use the money to create real carbon-eliminating projects such as maintaining forests. The money is treated as a retail transaction rather than as a tax-deductible contribution.On the Other: Some Contributions are Tax-DeductibleIf you donate to a nonprofit organization that sells carbon credits, the government treats the donation as a charitable contribution, which makes you eligible for a tax deduction, according to the National Resources Defense Council.Bottom LinePurchasing a carbon credit is not tax-deductible, as it is a purchase of a good.

Thanksgiving questions

*Sadly, we had to bring back ads too. Hopefully more targeted.