The world’s largest cryptocurrency fundraising platform - The Giving Block is bringing the crypto community and nonprofits together this Giving Tuesday, calling it “Bitcoin Tuesday ” with the Twitter tag #BitcoinTuesday. The Giving Block utilizes the Gemini cryptocurrency exchange to equip nonprofits with a cryptocurrency donation solution that accepts multiple currencies including Bitcoin, Ethereum, ZCash and more. Gemini automatically converts the donation into cash for the organizations and instantly generates tax receipts for donors. As a Bitcoin Tuesday sponsor, NODE40 has pledged to donate 50% of our cryptocurrency accounting platform proceeds generated by the Bitcoin Tuesday campaign to charities connected to The Giving Block.
#BitcoinTuesday To Drive Crypto Donations on Giving Tuesday
Donations on Giving Tuesday have been traditionally gifted in dollars. However, The Giving Block’s charity-focused #BitcoinTuesday platform matches crypto philanthropists large and small with non-profits to harness the viral nature of Giving Tuesday. Bitcoin Tuesday aims to introduce a traditional audience to Bitcoin and other cryptocurrencies with a mission to increase crypto adoption and awareness.
Giving Tuesday is a global generosity movement unleashing the power of people and organizations to transform their communities and the world. Since its inception in 2012, Giving Tuesday is held annually on the Tuesday after Thanksgiving and has been the biggest worldwide day of giving. It’s been successful in harnessing holiday generosity with the added benefit of year-end tax deduction incentives.
Lower Your Crypto Capital Gains Tax
Those with crypto - estimated to exceed 35 million people in the US alone - have the opportunity to lower their tax exposure while helping out worthy causes. Crypto donations are valued at the time of donation at its fair market value. By donating crypto directly to charity, the charitable gift is typically larger since there are no capital gains taxes. Instead, the 501(c)(3) charity receives the full fair market value of your gift and the donor is able to deduct the full fair market value as a charitable gift - up to certain income thresholds. The Giving Block makes this process easy for everyone involved, and ensures donors receive tax receipts automatically.
The IRS treats cryptocurrencies as assets. When they are sold, they are subject to capital gains. The massive increase in Bitcoin’s value over the last decade means some investors will face large tax bills when they sell. Fortunately, charities are exempt from capital gains so a donation in property (crypto) yields more value to everyone.
Join the #BitcoinTuesday Movement!
Donate some cryptocurrency by the end of the year and claim a tax deduction on your 2019 return. Visit the #BitcoinTuesday website and donate to one of the many nonprofits accepting cryptocurrency here. Once you’ve donated, make sure you post on social media using the #BitcoinTuesday hashtag!
When you are ready to claim that deduction, let NODE40 do the heavy lifting. We connect directly to major crypto exchanges and hardware wallets to pull a complete history of your activity to get that cost basis right. Our live US-based customer support is here to help you every step of the way. Try our free tier today!