What crypto investors need to know about charitable tax planning:
Before we get into how crypto can be donated, it is important to understand the mechanics of donating noncash assets to charities.
“But there are rules. For property donated with a combined worth of more than $500 , an additional form called Form 8283 must be filed as well,” says Wilson.“The IRS requires you take the charitable deduction at the fair market value of the property being donated - and this is the form used to do just that,” says Wilson.
That’s why it is important to be aware of another set of rules surrounding Form 8283. Unlike publicly traded securities, a donation of cyrpto currency that exceeds $5,000 will require a qualified appraisal. Wait, aren’t crypto currencies actively traded, with the ups and downs of their prices making headlines? The answer is that neither the IRS nor the SEC has taken any official position to treat cryptocurrencies as securities.
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