What are the tax implications of donating cryptocurrency in 2018?

3 answers

• Jan 07, 2022 · 3 years ago
  Donating cryptocurrency can have tax implications that individuals should be aware of. The IRS treats cryptocurrency donations as property donations, which means that the fair market value of the donated cryptocurrency at the time of the donation is used to determine the tax deduction. It's important to note that if the donated cryptocurrency has been held for less than a year, the individual may be subject to short-term capital gains tax. To ensure compliance with tax laws, individuals should keep records of the donation, including the date of the donation, the fair market value of the cryptocurrency at the time of the donation, and any relevant transaction details.
  675338
• Jan 07, 2022 · 3 years ago
  When donating cryptocurrency, individuals should be aware of the potential tax consequences. The IRS treats cryptocurrency donations as property donations, which means that the fair market value of the donated cryptocurrency at the time of the donation is used to determine the tax deduction. It's important to note that if the donated cryptocurrency has been held for less than a year, the individual may be subject to short-term capital gains tax. To ensure compliance with tax laws, individuals should consult with a tax professional and keep detailed records of the donation.
  579193
• Jan 07, 2022 · 3 years ago
  Donating cryptocurrency in 2018 can have tax implications that individuals should consider. The IRS treats cryptocurrency donations as property donations, which means that the fair market value of the donated cryptocurrency at the time of the donation is used to determine the tax deduction. It's important to note that if the donated cryptocurrency has been held for less than a year, the individual may be subject to short-term capital gains tax. To ensure compliance with tax laws, individuals should consult with a tax advisor and keep accurate records of the donation. BYDFi, a leading cryptocurrency exchange, can provide guidance on tax implications for cryptocurrency donations.
  686172