IRS AND CURRENCY DONATIONS

Non profit organizations receiving donations of virtual currency (such as bitcon) now have additional guidance from the IRS on donor acknowledgement and IRS reporting responsiblities.

Because virtual currency is considered property for tax purposes, this guidance on virtual currency donations follows similar principles regarding other non cashj gifts.

Appropriate gift acknowledgments; filing Form 8282

• Virtual currency is sold

• Exchange or otherwise disposed within 3 years of the donation

• General non cash gift appicable to 990 Form