Donating cryptocurrency is a non-taxable event, meaning you do not owe capital gains tax on the appreciated amount and can deduct it on your taxes. This makes Bitcoin and other cryptocurrency donations one of the most tax efficient ways to support your favorite cause. If you want to learn more about donating crypto, check out https://engiven.com/category/tax-benefits/.
Cryptocurrency, also known as Virtual Currency or “Crypto,” is a digital asset designed to function as a replacement for fiat (US Dollars, for example) whereby transactions between two parties are verified through a public, distributed ledger, also known as a blockchain. Most people think of Bitcoin when they hear the word “Crypto.” While Bitcoin was the first cryptocurrency introduced, there are thousands of unique cryptocurrencies in circulation, each with its own specific properties and values.
Give today and continue advancing the mission of Florida International University. If you have an interest in designating your gift for a school, unit, college, or fund, or to establish a named fund, please contact the Office of Development for additional assistance.
How It Works
Longtime FIU supporter Roary Panther has two goals. First, Roary wants to make sure the university receives support during his lifetime, and second, he would like his legacy to continue after he is gone. Roary makes a $100,000 donation of cryptocurrency to start an endowment. After conversion, the donation is invested. Since donating cryptocurrency is a non-taxable event, Roary does not owe capital gains tax on the appreciated amount and can deduct it from his taxes. Each year, a portion of the income from the invested money will be used to support FIU’s mission in Roary's honor.
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