See Publication 1771, Charitable Contributions Substantiation and Disclosure Requirements PDF, for more information.Ī charitable organization is generally required to sign the donor’s Form 8283, Noncash Charitable Contributions, acknowledging receipt of charitable deduction property if the donor is claiming a deduction of more than $5,000 and if the donor presents the Form 8283 to the organization for signature to substantiate the tax deduction. A charitable organization can assist a donor by providing the contemporaneous written acknowledgment that the donor must obtain if claiming a deduction of $250 or more for the virtual currency donation.
For more information on the definition of a capital asset, examples of what is and is not a capital asset, and the tax treatment of property transactions generally, see Publication 544, Sales and Other Dispositions of Assets.Ī36. Note: Except as otherwise noted, these FAQs apply only to taxpayers who hold virtual currency as a capital asset. All comments submitted by the public will be available for public inspection and copying in their entirety. The frequently asked questions (“FAQs”) below expand upon the examples provided in Notice 2014-21 and apply those same longstanding tax principles to additional situations.Ĭomments on these FAQs may be submitted electronically via email to The email should include “FAQs on Virtual Currency” in the subject line. 938 PDF, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.
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