As the old saying goes, there are 2 things certain in life: Death and Taxes. If you live in the United States, then you may know that the IRS treats cryptocurrency as property. This means you are legally obligated to pay a capital gains tax on your crypto. No one likes paying taxes, especially when you have to pay more because you own more crypto.
However, by donating crypto to non-profit organizations, you can actually lower the amount of taxes that you have to pay. This is because the IRS does not consider crypto donations to be a taxable event. Therefore you don't have to pay capital gains tax on that crypto, lowing the amount of taxes you have to pay as a whole.
As you can see in this example, Maria is able to pay over $57,000 less in taxes by donating her crypto. Not only is it good for you financially, but donating crypto is a great way to help support a cause that you're passionate in.
Here are a list of non profit organizations that accept crypto donations:
-Save the Children
-No Kid Hungry
-Rainforest Foundation
-The Water Project
-And many more
Through crypto donations you can now get 2 things done: Lower your taxes and help support a cause.
