Donate with Cryptocurrency
Your generous support will ensure that transplant patients and their families have access to the vital programs and services provided by the Georgia Transplant Foundation (GTF). With your help, we will be able to continue enriching lives and bridging the gap between hope and opportunity.
Common Crypto Donation Tax Questions
Why are crypto taxes so high?
Like stocks, the IRS considers cryptocurrency as “property” for tax purposes, treating it as a capital asset. You are taxed on your cryptocurrency gains the same way you’d be taxed for gains on your capital assets.
How are crypto trades taxed?
Many of the same tax rules that apply to stock trading apply to crypto. You owe capital gains taxes on any profits earned while trading crypto. If you lose money, you can write off the trade as a capital loss.
When do I pay taxes on my crypto?
You pay taxes on your crypto when you dispose of it, such as when you sell, trade, or use it as payment. If you received cryptocurrency as income—such as through mining, or getting paid in crypto by your employer—you could also pay taxes on that cryptocurrency.
Are there any special forms I should submit for crypto taxes?
Fill out the IRS Form 8949 to report your cryptocurrency taxes, and include those totals on your Form Schedule D. Report any remaining crypto income on the Form 1040.
As always, consult your tax professional to identify what is best for your personal needs. But with these tax implications of crypto, consider how you can use your crypto for good while also minimizing your taxes. If you want to learn more about how donating crypto can lower your taxes, check out https://www.classy.org/blog/crypto-donation-tax-benefits/.