Hey bitcoin millionaire: Give away your fortune for a tax break


If you make a gift of cryptocurrency and its value plummets sharply the following day, you will still be able to claim the full fair market value as of the day you surrendered the assets, said Heisman of the National Philanthropic Trust.

“When they lose control of the gift, it’s a completed gift, and they get the deduction for the higher amount,” she said.

A year ago, it took weeks to liquidate cryptocurrency and get the cash into donors’ accounts, Heisman said. Now, the National Philanthropic Trust can work with one of its exchange partners to sell a donated gift in 24 to 36 hours.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *