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Bitcoin Charity Donations Exempt from Tax in the US

Bitcoin charity donations
  • Cryptocurrency charity donations are becoming increasingly popular lately.
  • In the United States, all charity donations are exempt from tax, including those made via cryptos.
  • A Black Lives Matter protestor suggests cryptocurrencies can help with making a racism-free society.

Bitcoin charity donations have become a real thing. You can now donate money to a charity organization of your choice without the need to use fiat currency.

Instead of exchanging your cryptos for dollars, then sending them to the charity via bank transfer or PayPal, you can now cut the middleman. You can simply send your cryptos straight to the charity.

No Tax on Bitcoin Charity Donations

An incentive to take fiat currency out of the picture is that you’re not going to have to pay any tax to the IRS. In the eyes of the US lawmakers, bitcoin and other cryptos are seen as a form of property. So, turning cryptos into fiat currency will get you on the radar of the IRS.

However, cryptocurrency charity donations are exempt from tax, so if you send them directly to the organization, you will not have to pay any additional fees.

Black Lives Matter Protestor Discussing Cryptos

Black Lives Matter has been in the focus for the last couple of weeks as the protests against police brutality and racism have started to intensify. Sparked by the murder of George Floyd by Minnesota police officers, the movement has spread around the country.

In Los Angeles, a protestor at Black Lives Matter rally touched upon the subject of cryptocurrencies, suggesting that the road to a racism-free society is paved by digital currencies.

Those who would like to become a part of the Black Lives Matter struggle can make a donation using a bank card or PayPal. Bitcoin donations are not available at the moment.

However, there are plenty of other charities that work with digital currencies. The best thing is that their number is growing all the time.

Non-Profits That Accept Cryptocurrency Donations

With the US government okaying the tax exemption of cryptocurrency charity donations, there’s nothing stopping you from sending your cryptos to the non-profit of your choice. At least, not from the legal point of view.

There’s one big obstacle, however. The thing is that not all charities work with digital currencies. The good news is that the number of those who accept Bitcoin charity donations is going up all the time.

The easiest way to look for them is by using Google. Simply type in terms like “donate Bitcoin” or “crypto donations” and the search engine will show you which organizations are cryptocurrency-friendly.

We did the exact same thing and found out that there are dozens of non-profits that would be glad to accept your crypto donations. Some of the most famous of those include the International Medical Corps, The Water Project, No Kid Hungry, and so on.

Mark Ayesa

Mark manages our editorial team, social handles and is always on the lookout for great writing talent to contribute to our site. On a day-to-day basis he ensures the content on CryptoCurrency365.com is of the highest quality and also carries out extensive research on any current hot topics of the crypocurrency world for our writers.

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