28 May '14, 3am

Avoid U.S. Taxes on Bitcoin. Give to Charity.: ...can be donated to a recognized charity without having to rep...

With all the moaning and complaining about the impact of the recent IRS statement on the tax-ability of bitcoin, most have overlooked one good outcome of this clarification. One that hopefully will unleash even more philanthropy in our bitcoin community. Under current IRS guidance, dispositions (sales and spendings) of bitcoin are a taxable event. Bitcoin is property and when it's sold or spent, an individual must calculate the gain or loss on that transaction and report it as a capital gain or loss on his/her Federal Income Tax filing. Except for this: Bitcoin that has been held for more than a year and gone up in value can be donated to a recognized charity without having to report any taxable gain to the IRS; what's more, one can take a deduction for its full market value at the time of donation. Donations of appreciated bitcoin held a year or less are still deductible,...

Full article: https://bitcointalk.org/index.php?topic=627860.0

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