Donate Cryptocurrency To Nonprofits On The Front Lines
We are a team. And this will be crypto’s finest hour. For years we have endured the sideways looks of our friends and colleagues. People don’t understand cryptocurrency, or those of us who support it. Now, we are facing the worst pandemic in modern history. This is the defining moment for the crypto community.
We have an opportunity to support the organizations on the front lines, fighting day in and day out to bring this virus to its knees including:
Team Rubicon: Veterans serving in communities across the country providing assistance such as delivery service for food-insecure populations, coordination and logistics support for those in temporary quarantine.
Save the Children: Training health teams worldwide how to protect themselves and prevent further spread of the disease. They are also supplying the personal protective equipment and other supplies frontline health staff desperately need. In addition, They are protecting children and families that may be separated due to quarantine.
No Kid Hungry: Work with federal and local government to support children in need, provide emergency grants to food banks and community groups, divert resources to help the hardest-hit communities, make sure families know how to find meals while schools are closed and continue their work to ensure every kid gets three meals a day.
And many more
It is time for us to band together, not only to end the chaos, but to usher in a new era for crypto. Today, donating cryptocurrency is not just a way to lower our taxes. It is our chance to protect the people we love, all while telling the new crypto story. To turn sideways glances into admiration. Today we write the first page of our new story.
We’ve brought together a group of industry leaders to create the #cryptoCOVID19 alliance. The Giving Block has partnered with CoinTracking, Gitcoin, Brave, Gemini, TaxBit, Lukka, Axiom Finance, Electric Coin Company, Node40, Reciprocity Trading, Meta Cartel, Celsius, Blockchair and more. All with the same goal of using cryptocurrency to squash the coronavirus. Now, we need your help.
What are the tax benefits of donating cryptocurrency?
Did you know donating cryptocurrency to a registered 501c3 nonprofits is not a taxable event? That means you pay no capital gains tax and can write the donation off on your taxes. Not only that, but you’re spreading adoption in the process and making it more likely that other nonprofits begin accepting cryptocurrency donations.
Your mission starts now: Donate, tweet and enlist today here.
Clarify your crypto tax doubts with our content:
How to report crypto in your taxes?
Earn Interest on Crypto: The Taxes Guide.
Do you pay taxes when spending crypto on products?
2021’s NFT guide (with taxes).
Is Bitcoin taxable? The ultimate guide for 2021 taxes.
Tax implications of getting paid in Crypto.
Do you pay taxes on crypto trades?
How to calculate taxes with Bitcoin dollar-cost averaging?
CoinTracking can help with more than tracking your donations:
Support for DeFi trades (e.g., Uniswap).
Import your Binance Chain and Binance Smart Chain trades.
Automatic Gains calculations with the choice of 12 accounting methods (e.g., FIFO, LIFO, HMRC, ACB).
Generate Tax Reports compliant in your country.
If you need personalized help reviewing your transactions or preparing your US tax returns, check out our CoinTracking Full Service. CT Full Service is provided by a team of crypto tax professionals led by Sharon Yip, an expert CPA. Follow our weekly AMAs on Twitter where Sharon Yip answers your crypto tax questions.
Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.