Crypto Donations to Charity Rose More Than 1000% Last Year | personal finance

[ad_1]

Plus, you may be able to deduct the donation from your federal income tax bill. Daniel Rodriguez, an accredited investment fiduciary and chief operating officer at Hill Wealth Strategies, a wealth management firm in Richmond, Virginia, says that if youre taking the standard deduction, then you wont also get a charitable deduction by selling cryptocurrency. Only people who itemize their deductions are allowed to deduct charitable contributions on their federal income tax return.

If you owe more than $10k in taxes, Tax Relief can allow you to break down your debt into payments.

Making sure charities can accept digital assets

Before you decide to donate cryptocurrency to charity, make sure the recipient accepts crypto. And if it does, make sure the organization has a means to convert it to cash quickly and easily. Cryptocurrency is a highly volatile asset, and wild price swings can mean the charity benefits from less than you initially donated.

[ad_2]