3 Benefits of Cryptocurrency Donations
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Fred Cruz |
In our increasingly digital world, cryptocurrency continues to gain popularity and it’s easy to see why when it comes to the benefits of utilizing it to support SeriousFun campers and their families. Giving with crypto not only translates to lasting impacts on children with serious illness around the world but does so while benefiting the donor in several ways.
Here are three benefits to donating crypto at year-end.
No Pain, No Gains
Like stock donations, crypto is considered a tax property by the IRS. This means you’ll need to pay capital gains tax on anything you sell or exchange at a profit (depending upon length of ownership). But by donating crypto directly to a charity, you may be able to skip the capital gains tax entirely. This tax-smart approach is a win for you and your wallet!
Minimize Taxes, Maximize Impact
In addition to skipping the capital gains tax, crypto donors who itemize their deductions can also deduct the amount of their contribution from their overall gross income. This will minimize your tax impact while simultaneously maximizing your philanthropic impact to your charity, who receives the full value of the appreciated donation.
Ease and Speed
Donating cryptocurrency to your favorite charity has never been easier. Many charitable organizations, including SeriousFun, have implemented widgets on their donation pages that allow you to make a secure crypto donation in minutes. No banks to visit or documents to sign – just a few clicks from the comforts of your own home.
SeriousFun Children’s Network does not provide financial, tax, legal, or accounting advice. This document has been prepared for informational purposes only and is not intended to provide financial, tax, legal, or accounting advice. You should consult your own financial, tax, legal, and accounting advisors before engaging in any transaction.
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