Why Donate Cryptocurrency?
Donating a gift of cryptocurrency to the DeKalb County Community Foundation is an easy and meaningful way to give back to the community. Gifts from you and grants from us make a lasting impact in DeKalb County.
The IRS classifies cryptocurrency as property for tax purposes which means it is typically the most tax efficient way to support your favorite cause. When donating crypto, you receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the crypto and then made a donation.
If you have additional questions about donating crypto, be sure to speak with your professional tax advisor prior to donating.
What Cryptocurrencies are Accepted?
The Community Foundations partners with BitPay (all wallets supported) to accept multiple cryptocurrencies including: Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), and USD-pegged stablecoins BUSD, DAI, GUSD, USDC, and USDP. For a complete list of cryptocurrencies and stable coin accepted, visit the BitPay website.
How to Donate Cryptocurrency
- Begin by clicking the button below and following the guided steps to complete your donation.
- A few things to note when donating:
- When you donate cryptocurrency, we immediately transfer your coins to U.S. dollars.
- Donations over $3,000 require the donor to create or log into a BitPay account. Setting up a BitPay account is free to the donor.
- Appraisal considerations for donors - The IRS requires that donors claiming total deductions of over $500 on noncash donations file Form 8283, Noncash Charitable Contributions. The IRS also requires a qualified appraisal for donated property over $5,000 in value. Donors planning to gift more than $5,000 worth of crypto need to arrange for an appraisal of the crypto’s value from a qualified appraiser. Finding a qualified appraiser may be challenging as there is neither a degree nor appraisal designation that specifically applies to crypto. Charitable Solutions, LLC, is one firm that offers crypto appraisal services, or ask your trusted CPA adviser for references. ~ Bert Feuss, Community Capital Advisors.
- Be sure to let us know where to direct your generous donation. Whether you want to give to an established Fund or create one of your own, the Community Foundation offers a variety of giving options to help donors maximize their impact. Learn more about Fund types or contact Executive Director Dan Templin to discuss your charitable interests. 815-748-5383 or dan@dekalbccf.org.
