Cryptocurrency
The growth of digital assets presents individual investors with many questions. If you are considering an investment opportunity involving digital assets or “crypto,” you may be wondering if it is legal, if it is right for you, or even whether it might be a scam.
Here are some SEC resources to help you better understand these complex topics
Why Donate Through Crypto?
Why
Donating cryptocurrency can be more tax-efficient than donating cash as it is a non-taxable event. This means that you will not owe capital gains tax on the appreciated amount and you can deduct the amount on your taxes as a charitable contribution.
Requests
We do request first and last name, as well as an email address as this, allows us to provide a tax receipt (which will be issued for donations above $250).
Deductions
To receive a deduction for gifts over $500, IRS Form 8283 will need to be filled out at tax time. FIFABQ will remind you of this in January.
Large Gifts
For gifts above $5,000, please contact us at admin@fifabq.org to discuss possible tax implications.
Accepted Cryptocurrencies
