Skagit Gleaners now accepts cryptocurrency donations!
Through our cryptocurrency fundraising initiative with The Giving Block and Gemini Trust Exchange we can accept multiple cryptocurrencies: Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies* including: Dogecoin (DOGE), Amp (AMP), Bitcoin Cash (BCH), Basic Attention Token (BAT), Chainlink (LINK), Dai (DAI), Gemini Dollar (GUSD), Litecoin (LTC), Storj (STORJ), UMA (UMA), Zcash (ZEC) and 0x (ZRX). *Subject to change
Is my cryptocurrency donation tax deductible?
Yes, your cryptocurrency donation is tax deductible! Skagit Gleaners offers supporters with cryptocurrency the ability to support the organization in a tax-efficient way. The IRS classifies cryptocurrency donations as property, meaning they are not subject to capital gains tax and are tax-deductible. Your contribution is tax-deductible to the fullest extent permitted by law. For example, for donors in the United States, the IRS has classified Bitcoin as property for tax purposes. This means that when you donate Bitcoin and other cryptocurrencies to a 501(c)(3) nonprofit like Skagit Gleaners, you do not have to pay capital gains tax and it is tax-deductible if you provide your email address.
*Please consult your tax advisor. You can donate anonymously but you will not receive a tax receipt.
Why does Skagit Gleaners accept cryptocurrency?
Bitcoin and other cryptocurrency donations are one of the most tax-efficient ways to support your favorite cause. If you want to learn more about how donating cryptocurrency to a charity can lower your taxes, check out The Giving Block's FAQs or talk to your tax professional.