Donating Cryptocurrency to Charity
If you’re into cryptocurrency, you might be saving a lot of it for a later date. However, you can help others with the cryptocurrency you have right now. To help others, you’ll want to donate to charities. You do need to note some things, however, if you decide to donate your cryptocurrency. Address First, you’re going to have to find the address of whatever charity you’re going to send your cryptocurrency to. You’ll have to find that charity’s official website and make sure you get the right address for the exact type of cryptocurrency you’re sending. Once you have an address, you should send a small test payment to that address. Without sending a test payment, you could end up sending all of your money to the wrong place, causing you and the charity to lose all of the cryptocurrency you’ve saved up. Ensure that you find the right address before sending your cryptocurrency to a charity. Tax Deductions When you make a traditional cash donation to a charity, that donation is tax-deductible. This means that you don’t have to pay any income taxes on the money that you gave to a charity. However, you might not know if your cryptocurrency can be used as a tax deduction or not.