Gifts of Cryptocurrency
The past several years have seen unprecedented growth in the different types and value of cryptocurrency. Many new investors in cryptocurrency are not aware that the increase in value they have experienced is subject to capital gains taxes upon the sale of cryptocurrency or even if it is used for a purchase. This is true even if you were to make charitable gifts with the proceeds from the sale of cryptocurrency. However, by donating your cryptocurrency outright, before it is liquidated, you can bypass the capital gains taxes and make a substantial gift to charities such as Open Doors.
It's important to note that receiving payments in cryptocurrency in exchange for products or services or as salary is treated as ordinary income at the fair market value of the coin at the time of receipt.
To make a gift to Open Doors with cryptocurrency, click "here" and you will be taken to a page where you will find the heading "Give with cryptocurrency," and provided a link (by clicking the word "here") where you can make your gift.
If you have any questions about gifts of cryptocurrency, please contact us. We would be happy to assist you and answer your questions.