What are the rules and regulations for tax deductions on cryptocurrency donations?

1 answers

• Dec 17, 2021 · 3 years ago
  At BYDFi, we understand the importance of tax deductions on cryptocurrency donations. When it comes to claiming a deduction, it's crucial to ensure that the organization you're donating to is recognized by the IRS as a qualified charitable organization. The fair market value of the donated cryptocurrency at the time of the donation will determine the amount of the deduction you can claim. If you held the cryptocurrency for more than a year before donating, you may be eligible for a higher deduction. However, it's always a good idea to consult with a tax professional to ensure you're following all the necessary rules and regulations set by the IRS.
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