Topic: Donations to private charity (Read 1061 times)
or alternatively, what happens if i transfer BTC to mtgox or tradehill, and get them to bank transfer directly to the charity (so i am never actually holding any cash personally)? and i mean real charities (Red Cross, whatever), not as a means to avoid paying tax
I was wondering the same thing... what if i convert the bitcoins to cash first, and then transfer that to the charity? I looked up the rules for shares, and its pretty confusing!
I believe it would works exactly the same as donating any commodity. Food, clothing, bitcoins, they are all non-cash donations and all work the same.
I'm considering donating some btc to a non-profit charity here in the US. For tax purposes, would this work like donating stock, i.e. I would pay no capital gains on my donation, and then the charity would be able to convert the Bitcoins to cash without any tax consequences?
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