Tag: charitable donations
Charitable donations of virtual currency
According to the IRS, when a charitable organization receives virtual currency, such as Bitcoin, it should classify the donation as a noncash contribution. These contributions need to be reported on a Form 990-series annual return along with Schedule M, if...
Make the most of your non-cash donations this holiday season
Many New Year resolutions involve clearing unwanted items out of the house. Here are five tips taxpayers should consider when making non-cash donations in an effort to keep your New Year Resolution: Assess Item Condition: Ensure items like clothing and...