IRS Clarifies Tax Treatment of Virtual Currency Donations

January 17, 2020
Bitcoin image

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.

News & Resources

Firm News
Hemenway & Barnes Helps Turn Philanthropic Vision into Annual Charitable Donation for the City of Newburyport
Event
CAPLAW National Training Conference 2024
Event
Eleanor Evans to Present “Dissolution of Massachusetts Nonprofit Organizations”