In January 2023, the IRS announced that taxpayers will not be eligible for a charitable contribution deduction if they donate digital assets valued over $5,000 without obtaining a qualified appraisal.
Appraisals can be expensive, and there is the risk that the report does not hold up to IRS standards if flagged for audit down the road. If you'd like advice on the tax implications of donating cryptocurrency assets, please contact a ShindelRock tax professional.
