How To Offset Gains Taxes With Bitcoin Donations
This tax season, it may be worthwhile to consider making a bitcoin donation to reduce one’s taxes through philanthropy.This year is on track to be a record year for bitcoin donations as more donors continue to learn about the tax benefits of donating bitcoin instead of fiat. Why do so many high-networth individuals make large gifts of equities or bitcoin instead of donating in fiat? It’s usually all about taxes. If you donate bitcoin, which is considered property by the IRS for tax purposes, then donating appreciated bitcoin is likely one of the most tax efficient ways to support your....
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501(3)(c) status boosts the project's legitimacy as well as its efficiency in using donations. A new non-profit aiming to fund Bitcoin development education and research has been approved for special tax status, conferring benefits on donors.Brink, which launched in the fall, has been approved as a 503(c)(3) organization according to a Feb. 10 blog post. The status both exempts Brink from federal taxes and provides some interesting benefits to donors, especially considering their use of Bitcoin. Donations to 503(c)(3) organizations in the U.S. have always been an important tax write-off,....
Nonprofit entities could be harnessing an untapped market of supporters simply by allowing crypto donations. Over the past three years, an increasing number of nonprofit organizations have begun to accept crypto-based donations. According to Alex Wilson, co-founder of crypto donation gateway The Giving Block, the COVID-19 pandemic has pushed this trend further than ever before.Pandemic prevention measures began to accelerate in March 2020, resulting in business closures and economic turmoil for many. Businesses and nonprofits alike faced notable losses in revenue once the virus took....
Charitable crypto campaigns aim to give back this holiday season, demonstrating how effective cryptocurrency and NFT donations can be for donations. The holidays are the perfect time of the year for giving back, and the rise of cryptocurrencies has created even more opportunities for charitable initiatives. This was highlighted during Giving Tuesday 2021, the Tuesday after Thanksgiving which saw over $2.4 million raised in cryptocurrency from the nonprofit fundraising platform The Giving Block.As crypto philanthropy becomes a new subsector of the cryptocurrency economy, some in the....
A Vancouver politician says the city should allow residents to pay their taxes, fines and fees using bitcoin. Jason Lamarche won 37,286 votes in a recent council election, and now he says he would solicit bitcoin donations if he chose to run again. In an interview with the Georgia Straight, Lamarche questioned why municipal politicians aren't discussing bitcoin's disruptive potential. He pointed out that many people describe Vancouver as the Silicon Valley of the north, yet the city is not doing much to promote new technology. Lamarche explained: "Well, when we have companies that are....
On Friday, the Latin American cryptocurrency platform Bitso announced that the company plans to offset carbon emissions from its bitcoin and ERC20 token transactions carried out on the platform. Bitso is partnering with the carbon offset platform Moss.Earth in order to curb the crypto company’s environmental impact.
Bitso to Offset Crypto Transaction Carbon Emissions by Partnering With Moss.Earth
In mid-February, the Mexico-based cryptocurrency exchange Bitso revealed it was expanding into the Colombian market after witnessing a growing interest in the Latin American....