Cryptocurrency

Are you among the growing number of Christians who have experienced fruitful investments in Bitcoin, Ethereum or other cryptocurrency?

Then you have a smart and powerful way to give in a substantial way AND reduce your taxes! Cryptocurrency is subject to capital gains tax. The more it grows in value, the more you will owe when you sell it. When, however, you give bitcoin or other cryptocurrency,* you’ll receive an immediate charitable deduction at the time of your gift. You will also avoid the tax bill you would have faced at the time of sale.

*You must have owned the cryptocurrency for at least one year to be eligible for a full charitable deduction.

Benefits of Giving Cryptocurrency

Tax-wise. Receive a fair market value tax deduction and eliminate any taxes that you would have owed on the sale.

Convenient. Give in a substantial way without affecting your cash flow.

Impactful. Because charities are exempt from income taxes, the entirety of your gift will go to ministry!

How To Get Started

While Mission India can receive cryptocurrency as a gift, we cannot process the gift directly. We have a partnership with Barnabas Foundation, who works on our behalf to help you through the process of converting your cryptocurrency into a charitable gift. While we suggest working with our partner Barnabas, we can also work with any other organization that converts your bitcoin or other currency into U.S. dollars and transfers your charitable gift to us.

If you choose to work with Barnabas Foundation, please follow the process found in this document, or contact Barnabas directly at gifts@BarnabasFoundation.com or 888.448.3040. Otherwise, please work with a foundation or organization that allows you to donate cryptocurrency to charitable causes.

If you have questions about cryptocurrency gifts or other virtual giving options, call Mission India at 616-453-8885 or email plannedgiving@missionindia.org. Or contact our partners at Barnabas Foundation at gifts@BarnabasFoundation.com or 888.448.3040.

Important Considerations

To be eligible for a full charitable deduction, you must have held the cryptocurrency for at least one year. If held less than a year the charitable deduction is limited to the lesser of the original cost or the present value.

Per IRS regulations, for donations of cryptocurrency over $500, you must complete IRS Form 8283, Noncash Charitable Contributions, and include it with your tax return. For donations of cryptocurrency over $5,000, you must also complete Section B of Form 8283.