IRS Clarifies Tax Treatment of Virtual Currency Donations
January 17, 2020
Charities are increasingly accepting donations of virtual currency such as bitcoin. In light of that fact, the IRS recently issued two Frequently Asked Questions (FAQ) clarifying a charity's responsibilities when accepting donations of virtual currency, which is treated as property for tax purposes. Two other IRS FAQ explain tax consequences to donors who contribute virtual currency to charity.
Click here to continue reading for more information about the IRS’s clarification of tax treatment of virtual currency donations.
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