Donating cryptocurrency now is more important than ever. With more than 220 million crypto users worldwide – and the value of many cryptocurrencies rising – the crypto community can make an incredible impact through philanthropy!
Why Donate Crypto?
Donating cryptocurrency is safe, easy, and fast. It’s also one of the most tax-efficient ways for individuals to support causes that matter to them. Donating cryptocurrency directly to Friends LA is a non-taxable event, meaning you do not owe capital gains tax on the appreciated amount and can deduct it on your taxes. This makes Bitcoin and other cryptocurrency donations one of the most tax-efficient ways to support your favorite cause.
Seek Advise Prior to Donating
A gift of cryptocurrency made before December 31 of a calendar year may reduce your tax burden for the year you give. Defer to your financial advisor to explain the possible tax benefits associated with donation cryptocurrency for your unique circumstance.