The Benefits of Donating Cryptocurrency to Charity
Cryptocurrency started as a highly speculative form of investment, and it has had healthy growth over the years. Many early investors have found that their investments have netted them tens of thousands of dollars. Have you decided what you’re going to do with your cryptocurrency earnings?
Cryptocurrency donations are more than just a generous gift. In fact, they have a host of benefits. Read on to learn all about the benefits of making donations with your cryptocurrency!
Avoid Capital Gains Tax with Appreciated Coins
Most people who are donating money to charities via cryptocurrency aren’t buying crypto for the express purpose of donating it. Instead, they are taking cryptocurrency that they purchased years ago and donating a portion of their profits to the charities of their choice. Donating to charity is a great way to save money on taxes, especially when it comes to cryptocurrency.
If you’re thinking of donating some of your cryptocurrency to charity, it’s important to donate it in the form of cryptocurrency. If you were to cash out, you would have to pay a capital gains tax on the money you received. Donating crypto helps you avoid a portion of the capital gains tax.
If you want to take advantage of this tax break, then it’s time to start learning how to donate bitcoins to charity!
Have a Positive Impact on Your Community
Donating cryptocurrency to charity does more for you than give you tax benefits, it also helps you benefit the community to which you belong. Your money can help fund after-school programs for youth in the community, keeping them safe and helping them further their education.
Donating to human rights causes means that there are fewer people suffering from human rights violations, and it can help your community progress, too. Along with your tax benefits, you’ll also get to watch how your money helps make a difference in other people’s lives, which is pretty amazing!
Inspire Others to Donate
You might think that your donation won’t go very far, but that’s not the case. Be vocal about making donations, and you’ll start to see other people you know and love making donations, too.
Leading by example is a powerful way to inspire change in others. While your friends and loved ones might not donate to your same charities, they will undoubtedly be inspired to start making donations to organizations they care about. That’s a pretty powerful position to take!
Spread Kindness with Cryptocurrency Donations!
If you were an early investor in cryptocurrency, you might be shocked by how much your wealth has grown as a result of your investment. Unfortunately, withdrawing the money you’ve made on cryptocurrency means that you’ll get hit with a massive capital gains tax. Cryptocurrency donations help save you from losing a ton of money and make a difference in your community, too!
Want to learn more great ways to manage your wealth and investments? We can help you out with that! Check out the rest of our blog for tons of fantastic financial advice.