The Long Shot That Paid: Three Tax-Wise Reasons to Give Cryptocurrency
September 24, 2021
Some investors take a long shot with a small amount of their money—and every once in a while, it pays off.
If you were among those who took a chance on Bitcoin, Ethereum or other cryptocurrency a few years back, you’ve probably seen some extraordinary gains.
So, now what?
As is the case with other non-cash assets, your cryptocurrency is subject to capital gains taxes. When you decide to sell, taxes could reduce your windfall by 20 to 30 percent.
If, however, you give appreciated cryptocurrency to CMDA, the entirety of your gift will go to ministry—tax-free! By giving cryptocurrency, you can:
- Support this mission in a substantial way, without impacting your cash flow.
- Receive a fair market value deduction at the time of your gift.
- Eliminate any taxes you would have owed for the sale.
It’s a smart way to convert your longshot investment into meaningful ministry support!
Is giving cryptocurrency the right charitable solution for you? To learn more, call Paul Montgomery at 423-844-1000 or email stewardship@cmda.org.
