What are the tax implications for cryptocurrency donations according to the IRS donation value guide 2021?

1 answers

• MasroorAug 31, 2024 · a year ago
  According to the IRS donation value guide for 2021, cryptocurrency donations are treated as non-cash charitable contributions. This means that if you donate cryptocurrency, you need to determine its fair market value at the time of the donation. The IRS provides guidelines for determining the fair market value of different types of property, including cryptocurrency. It's important to note that the IRS requires you to keep detailed records of your cryptocurrency donations, including the date of the donation, the fair market value, and the organization receiving the donation. Consulting with a tax professional can help ensure you are following the IRS guidelines and maximizing any potential tax benefits.
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