REDMOND, Ore. (KTVZ) -- NeighborImpact, a nonprofit supporting people and strengthening communities, said Friday it is now accepting cryptocurrency donations via Every.org, including Bitcoin, USD Coin, Ethereum and more.
Cryptocurrency has reached a market cap of $2 trillion in 2021. While the asset class remains volatile, it is the fastest growing asset of the decade. With the addition of the first Bitcoin ETF and integration of crypto into everyday payments platforms such as PayPal and Venmo, cryptocurrency is becoming more and more integrated into people’s lives.
Similar to donating equities or other appreciating assets, there can be significant tax advantages to donating cryptocurrency directly. Since the IRS classifies donated cryptocurrency as property, donating it is not a taxable event. This means donors do not have to recognize capital gains on donations of appreciated crypto. If they held it for over a year, they may even be able to deduct the fair market value on their taxes.
The crypto donations are supported through Every.org, which takes cryptocurrency and converts it into fiat currency, this comes at no additional cost to the donor. Donors can donate Bitcoin, Ethereum, USD Coin directly on Every.org. Please contact firstname.lastname@example.org if 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 appreciated and donating it is uniquely tax-advantaged. And it’s easier than ever before through Every.org. Donors should speak to their tax advisor on the benefits to make sure they can maximize their giving.”
To donate cryptocurrency to NeighborImpact, visit https://www.every.org/neighborimpact/donate/crypto.
About NeighborImpact: NeighborImpact is a private non-profit governed by a board of directors drawn from across the community. Since 1985, NeighborImpact has led the region in developing solutions and bringing 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 building an accessible giving infrastructure to help every person and organization use technology for good. Since launching in March 2020, it has raised over $11 million for nonprofits. It is committed to sustaining no platform fees in order 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 grow generosity by making it easier than ever to support and share important causes.