As our work evolves and disasters increase, we need more agile fundraising tactics so we are better able to plan and allocate funds. When giving with cryptocurrency, it is tax-efficient for you the donor, enabling you to steward your gifting and without capital gains tax. When disasters strike, efficient, timely transactions are KEY to responding to the physical, emotional, and spiritual needs of disaster survivors.
Why is Crypto tax-effiecient?
There’s a reason high net worth individuals tend to donate property instead of cash. Donating cryptocurrency directly to a 501c3 nonprofit is more tax efficient and can save you money.
The IRS classifies cryptocurrency as property for tax purposes which means it is typically the most tax-efficient way to support your favorite cause. When donating crypto, you receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the crypto and then made a donation. That means you’re able to donate more, as well as deduct more on your tax return. The difference? Sometimes more than 30%.
If you provide an email, you will automatically receive a tax receipt after donating.
If you want to learn more about how donating crypto can lower your taxes, check out thegivingblock.com/faq. Talk to a crypto-savvy tax professional or connect with The Giving Block to get connected with one.
What types of cryptocurrency do you accept?
Cryptocurrency has become more mainstream and after several requests from donors, we accept the following cryptocurrencies:
- Bitcoin (BTC)
- Ether (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Zcash (ZEC)
- Gemini Dollar (GUSD)
- Basic Attention Token (BAT)
- Chainlink (LINK)
- 0x (ZRX)
- Storj (STORJ)
- Dai (DAI)
- Amp (AMP)