❤️ PSA on crypto, taxes, and making donations (for USA people) ❤️
Donating in crypto is an amazing deal from a tax standpoint.. here are the reasons & how
Donating in crypto is an amazing deal from a tax standpoint.. here are the reasons & how
1/ Say you bought 1 BTC at $5,000 you can donate that today and take a tax deduction for the current value of that BTC -- $19,000!
If you sold that BTC and gave away $19,000 in cash you would pay capital gains tax and lose a bunch of money.
If you sold that BTC and gave away $19,000 in cash you would pay capital gains tax and lose a bunch of money.
2/ But you don't want to sell your BTC?
That's fine! You can just buy it back right away! This increases your cost basis which is also good for you. So donate 1 BTC, get $19,000 tax deduction and immediately buy one 1 BTC. Cost basis is now $19,000.
That's fine! You can just buy it back right away! This increases your cost basis which is also good for you. So donate 1 BTC, get $19,000 tax deduction and immediately buy one 1 BTC. Cost basis is now $19,000.
3/ But I don't know where to give?
That's fine! Open a free donor advised fund on CharityVest (charityvest.org). Give the BTC to charityVest and get the tax deduction now. The money then sits in CharityVest until YOU decide which non-profit to give it to.
That's fine! Open a free donor advised fund on CharityVest (charityvest.org). Give the BTC to charityVest and get the tax deduction now. The money then sits in CharityVest until YOU decide which non-profit to give it to.
4/ Obviously this isn't limited to BTC, you can give any token like this.
If you do already know where you want to give you can use a service like The Giving Block to facilitate it. thegivingblock.com
If you do already know where you want to give you can use a service like The Giving Block to facilitate it. thegivingblock.com
5/ And if you need ideas...
I like to support givedirectly.org it's just like a Uniswap token airdrop but instead of getting it for using Uniswap you get it for being a human.
I like to support givedirectly.org it's just like a Uniswap token airdrop but instead of getting it for using Uniswap you get it for being a human.
6/ For a more locally focused one ahouseonbeekman.org holistically works with youth in the South Bronx (NYC) to help them succeed.
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