Cryptocurrency
Donating Bitcoin and other cryptocurrencies can be a tax-efficient way to support your favorite non-profits, like the Sno-Isle Libraries Foundation.
The IRS classifies cryptocurrency as property for tax purposes, which may allow you to decrease your tax obligations while making a gift to a nonprofit charity. Your crypto donation is tax-deductible to the fullest extent permitted by law. By making a charitable gift, you may also be eligible to significantly reduce what you would otherwise owe in capital gains taxes. This is because donating cryptocurrency is a non-taxable event, meaning you do not owe capital gains tax on the appreciated amount and can deduct it on your taxes.
- We have partnered with every.org, a non-profit, to process crypto donations.
- Our legal name: Sno-Isle Libraries Foundation
- Our IRS Tax ID number: 91-2010318
- Your cryptocurrentcy will be immediately sold and transferred to U.S. dollars, and sent to us.
- You will receive a tax receipt from every.org and an acknowledgement from us, the Sno-Isle Libraries Foundation.
When donating crypto, you receive a tax deduction for the crypto’s fair market value at the donation time. By donating crypto directly, you may be able to avoid the capital gains tax you would have incurred if you had sold the crypto and then made a cash donation. This ultimately means you may be able to donate more, as well as deduct more from your taxes.
Nothing on this website should be construed as legal advice. Please contact your attorney or financial advisor to determine what is best for your personal situation.
7312 35th Ave NE
Marysville, WA 98271
360-651-7074 (local)
877-766-4753 ext. 7074
