REDMOND, Ore. (KTVZ) — NeighborImpact, a nonprofit supporting people and building communities, said Friday it is now accepting cryptocurrency donations through Every.org, including Bitcoin, USD Coin, Ethereum and more.
The cryptocurrency reached a market capitalization of $2 trillion in 2021. Although the asset class remains volatile, it is the fastest growing asset of the decade. With the addition of the first Bitcoin ETF and the integration of crypto into everyday payment platforms such as PayPal and Venmo, cryptocurrency is becoming more and more integrated into people’s lives.
Similar to donating stocks or other appreciating assets, direct gifting of cryptocurrency can have significant tax benefits. Since the IRS classifies donated cryptocurrencies as property, donating them is not a taxable event. This means that donors do not have to recognize capital gains on appreciated crypto donations. If they’ve owned it for more than a year, they may even be able to deduct the fair market value from their taxes.
Crypto donations are supported by Every.org, which takes the cryptocurrency and converts it into fiat currency, at no additional cost to the donor. Donors can donate Bitcoin, Ethereum, USD Coin directly to Every.org. Please contact [email protected] if you are donating with a different coin and the donation is valued at $5,000 or more. Donors will also receive a tax-deductible receipt from Every.org once the transaction is detected on the blockchain.
Tina Roh, co-founder of Every.org added, “This is a unique time, where crypto is highly valued and donating it is particularly tax-efficient. And it’s easier than ever with Every.org. Donors should speak to their tax advisor about the benefits to ensure they can maximize their donations.
To donate cryptocurrency to NeighborImpact, visit https://www.every.org/neighborimpact/donate/crypto.
About NeighborImpact: NeighborImpact is a private, non-profit organization governed by a board of directors made up of representatives from across the community. Since 1985, NeighborImpact has led the region in developing solutions and providing resources to Crook, Deschutes and Jefferson counties and the Confederated Tribes of Warm Springs. We help meet the basic needs of Central Oregonians, build economic security, and create a community where everyone thrives. NeighborImpact receives federal, state, and local grants, foundation grants, and donations from individuals and businesses in our community. To learn more about NeighborImpact, please visit www.neighborimpact.org.
About Every.org Every.org is a 501(c)(3) charity that builds an accessible giving infrastructure to help every person and organization use technology wisely. Since its launch in March 2020, it has raised over $11 million for nonprofits. It is committed to zero platform fees to create a world where every person and organization has the best technology to help them do more good. Founded by tech entrepreneurs who previously worked at companies like Snap and Pinterest, the team hopes to increase generosity by making it easier than ever to support and share important causes. # # #