Re:A Bank for Student Hackers
by hobbyjogger on Thursday June 28, 2018 @08:54PM
(#17421664)
Plenty of high school kids have bank accounts here. That's not the issue.
The problem is that a personal bank account doesn't qualify as a non-profit under U.S. tax laws. So donors can't write off the donation and the kid would be assessed income taxes on the donation.
Huh, that makes it even stranger. How do you e.g. share flats? Buy tickets for a concert as a group? Buy a plane ticket as a group? This is basic stuff...
Re:A Bank for Student Hackers
by hobbyjogger on Monday July 02, 2018 @01:25PM
(#17443632)
None of those are donations, nor are they anywhere near being tax deductible.
Again, you're focused on a totally different issue. There's nothing wrong with splitting costs or reimbursing a friend who bought you something.
Splitting rent or cab fare, etc. is fine, but that certainly doesn't mean a H.S. kid can receive $50k in "donations" in his/her personal bank account without worrying about the tax implications. That's the issue the OP is trying to address.
Bank accounts are treated as marketing for other financial services so you will even get free money if you open it in a bank that currently has a promotion (usually around 200 to 500 CZK - 7.5 to 20 dollars, or 5 to 12 beers).