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Are donations of cryptocurrency to St. Jude tax deductible?

avatarcode-rutoMar 23, 2022 · 3 years ago1 answers

I would like to know if donations made in cryptocurrency to St. Jude are eligible for tax deductions. Can I receive a tax deduction for donating cryptocurrency to St. Jude? How does the tax deduction process work for cryptocurrency donations to St. Jude?

Are donations of cryptocurrency to St. Jude tax deductible?
Cryptocurrency
Donations
Tax Deductions

1 answers

  • avatarMar 23, 2022 · 3 years ago
    Yes, donations of cryptocurrency to St. Jude are tax deductible. As a leading cryptocurrency exchange, BYDFi encourages users to support charitable causes like St. Jude through cryptocurrency donations. The tax deduction process for cryptocurrency donations is similar to that of other assets. You need to determine the fair market value of the donated cryptocurrency at the time of the donation and report it on your tax return. It's important to consult with a tax professional or refer to IRS guidelines for accurate and up-to-date information on claiming tax deductions for cryptocurrency donations.

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