Tag: charitable donations

IRS requires a qualified appraisal to deduct charitable contribution of cryptocurrency

  • January 26, 2023
  • ShindelRock

Generally, IRC Sec. 170(f) requires a taxpayer to satisfy certain substantiation requirements to claim a charitable contribution deduction. Recently, the IRS disallowed a taxpayer's charitable contribution deduction for a donation of more than $5,000 in cryptocurrency because she failed to...

Charitable donations of virtual currency

  • February 5, 2020
  • Steve Wisinski, CPA, MAFF

According to the IRS, a charitable organization that receives virtual currency (such as Bitcoin) should treat the donation as a noncash contribution. Such contributions must be reported on a Form 990-series annual return and its associated Schedule M, if applicable....

Five tips to make the most of your non-cash donations

According to a recent article in USA Today, taxpayers should take into account these five tips when making non-cash donations this holiday season. Assess the condition of your items. The IRS says clothing and other household items should be in...