That means you’re able to donate more, as well as deduct more on your tax return. 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. The IRS classifies cryptocurrency as property for tax purposes which means it is typically the most tax efficient way to support your favorite cause. Donating cryptocurrency directly to a 501c3 nonprofit is more tax efficient and can save you money. There’s a reason high net worth individuals tend to donate property instead of cash. We are excited for what following rounds of the Cancer Crypto Fund will hold as we further engage and explore this exciting new realm of digital finance and commerce.
In Spring 2022, we met this goal, proving that crypto philanthropy can have a real impact in the fight to end cancer in our lifetime. In 2021, we launched the first round of our Cancer Crypto Fund campaign with the goal of raising $1 million towards critical cancer research.
The American Cancer Society recognizes the emergence of cryptocurrency and has witnessed the generosity of the crypto community since supporting this giving method in 2021, following the worst funding shortfall in our history as a result of the COVID-19 pandemic.
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