What is this?
Cryptocurrencies are digital tokens. They are a type of digital currency that allows people to make payments directly to each other through an online system. Cryptocurrencies have no legislated or intrinsic value; they are simply worth what people are willing to pay for them in the market. Examples are Bitcoin and Ethereum.
Who should take advantage of this option?
It is good for anyone who has seen their cryptocurrency value highly appreciate and is looking to remove the asset from their estate with no capital gains tax paid on the appreciated value.
Financial Benefits
A charitable income tax deduction and removal of the asset from the estate.
What do interested parties need to prepare for a meeting?
A recent statement, ideally showing the amount paid for this crypto (e.g. cost basis) and what it is worth today. Also, if the digital wallet is known (e.g. Gemini), that should be revealed as well.
Non-cash gifts allow donors to make a significant impact on their favorite causes, but most nonprofits aren’t equipped to accept goods such as real estate, privately held stock, etc. We make it easy to turn your goods into charitable gifts.
