#CryptoCharitableGiving #SaturdaySchool
Hope everyone is having a wonderful start to their weekend. This one is on charitable giving and while it can help you build wealth in an obscure way, it is something I am passionate about and so you get this as the lesson for the day.
WHO should be aware of Crypto Charitable Giving:
- Anyone that is investing in crypto currency should be aware of charitable giving and Donor Advised Funds as a way of tax efficiency
- If you are one of the lucky people to get rich and become a crypto-millionaire and charitable giving is important to you ... I hope you check out my vide on a Donor Advised Fund
WHAT is Crypto Charitable Giving:
- The US Government considers cryptocurrency as property and thus buying and selling is subject to conventional short term and long term capital gains taxes
- Long term investments held for 1 year and 1 day or longer are eligible for charitable giving to a Donor Advised Fund which means you get full credit for the total donation without having to pay long term capital gains tax (the same as you would w/ stocks)
WHERE can I learn more about Crypto Charitable Giving:
- Tax rules with Crypto are evolving and subject to change and so I would start with google when you are ready to pursue this to ensure up to date information
- I left a couple links below that I used as a reference to make this post/video
WHEN should I start Crypto Charitable Giving:
- Charitable giving is something inherently personal and up to you, but legacy impact is something I strive for and charitable giving is how I plan to achieve it
- Crypto charitable giving for tax benefits can only be done if held for over 1 year and so keeping track of this information is important when considering chartiable giving w/ crypto
- "Apps like ZenLedger and CoinTracker allow specific lot identification." - Forbes
WHY should I learn about Crypto Charitable Giving:
- If charitable giving is something you do already and you do itemized tax deductions then learning about a Donor Advised Fund is something you should consider
- From here you can then use a Donor Advised Fund to secure profits for long term holds whether stocks, ETFs, or Crypto and give this instead of cash which avoids long term capital gains tax
- Watch my Donor Advised Fund video in Tax Tail or Multiple Brokerage Personality on my YouTube www.youtube.com/c/CTSSHAH for more details
HOW do I start Crypto Charitable Giving:
- Buy and hold crypto for the long term so that it has been yours for over 1 year
- Start a Donor Advised Fund - I personally use Fidelity Charitable
- Donate your long term hold to the Donor Advised Fund and then choose when and how that money is distributed to a charity of your choosing
Video: https://www.youtube.com/watch?v=7Hy6eprK4AE
References:
https://www.forbes.com/sites/leonlabrecque/2021/10/13/crypto-tax-charitable-contributions-wash-sales-and-new-tax-rules-on-the-horizon/?sh=6285df161752
https://www.fidelitycharitable.org/giving-account/what-you-can-donate/donating-bitcoin-to-charity.html
https://www.steptoe.com/en/news-publications/charitable-contributions-of-cryptocurrency-tax-benefits-and-other-considerations-for-donors-and-charities.html


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@abetsay 💙hope you have a great day!

@ctsshah Every day is a great day when I'm alive. Let's make this $$$. Thanks for the knowledge you post for us.

We having a great weekend here in the Suburban Detroit area.. Hope you are the same or better lol.. Buy just a bit of shib 4 this #shibaarmystrong . We going to Pluto bud..

WOKE A F@LoVeCONQUERShate
💜 Great post
K
Thanks for the info

Neil@Medic13981
Great info!! I am learning so much off this site. A 30 year paramedic switching careers into the investing world. Thank you so much for the knowledge you share
L
❤️❤️❤️

Very valuable information. I was curious about taxes with Crypto. Thanks @ctsshah

$myprince@myprince
❤️ Thanks for sharing and Also im putting non profit for kids in Yemen, phils and cant even afford to eat 🙏by Gods grace and wisdom we all be blessed in Jesus name 🙏❤️. Money is everything but if you dont share it you wont feel the happiness” we are so blessed to be alive and able to eat and walk up every morning with so much blessings in our life” Sharing is caring 🙏😇have a blessed day everyone ❤️🙏…See more

$myprince@myprince
Abba Father, as I count my blessings each day, I thank You that I can name them one by one. I believe in my heart that all the goodness I receive can only come because of Jesus’ finished work at the Cross. Indeed, You are my Provider, my Jehovah Jireh.
I pray that I will see the manifestation of your Grace in every area of my life, even as I walk in union with You. Joy, peace, health, strength, p…See more

@LoVeCONQUERShate thank you
@RobbieCornelius lol, the government doesn't care they want to be all up in our pockets.
@kedanklou you are welcome

@GetSlade you are most welcome!
@Flowz610 😁
@Medic13981 it is my pleasure. I'm not an expert, but I do enjoy sharing with the community what I learn along the way
@sparkle3462 thank you and you are welcome

@gscott86 you are welcome!
@Wakeupbmore I relaly appreciate that!! Slowly but surely building my channel up to 1,000 sub mark 😁
@Lisago 💙😁
@crysteldoeshair Here is my video on Crypto and taxes https://www.youtube.com/watch?v=gGNk1gAOlZQ

@myprince I truly believe in helping those in need

@Treallday about what?

$myprince@myprince
Lets make this community different from others ❤️🙏

Crypto, charity, and in general how you operate. I am the president of a nonprofit so I'm about charity. I am curious about any advice you may have on taxes. Me and my business partner own a LLC we even have a accountant but that's just for our other business and we were discussing how much to admit to making when talking to the bank we have the LLC account at. I have 3 banks 2 normal accounts and…See more

@Treallday So I'm not sure on the nitty gritty for how it would work for an actual company or LLC. I would definitely talk to your accountant more for the business side of things. For me personally, I do most of my tax efficiency via my 401k, Traditional IRA converting to a Roth IRA, SEP IRA for my consulting work, and then a Donor Advised Fund for charitable giving. So if I were you, if you don't…See more