Saturday, May 7, 2022
As popularity in nonfungible tokens (NFT) and cryptocurrencies has exploded, nonprofit organizations are trying to figure out how to navigate the acceptance of crypto donations. There is a fear of missing out on dollars, accompanied by a fear of doing something that’s going to result in noncompliance.
The IRS treats crypto or NFTs as property, which has lead to an increase of investors donating them to charity. Donors are able to avoid paying capital-gains taxes on the assets they have held onto for longer
Continue Reading The New Way to Get a Tax Break: NFT and Crypto Donations