Bitcoin Forum

Okay, Folks! Today is the last day you can donate for a write-off on your 2014 taxes! BitGive Foundation is a 501(c)(3) nonprofit approved by the IRS, so we can offer US taxpayers a tax deduction for your donation!

LibraTax has provided an easy way to calculate your taxable gains in BTC and how much you can donate to offset those gains.

People keep asking me "who has gains in 2014?" Well, sorry to break it to you, but if you bought coins, even in previous years, that are worth more now than what you paid, you have gains. The good news is instead of paying taxes on those gains, you can donate to an approved 501(c)(3) and offset your gains. So, instead of paying the US Government, you are donating to a #Bitcoin charity!

Learn how to calculate your gains here - http://www.libratax.com/blog/digital-currency-donations-good-society-good-personal-finances/

EDIT - Great article in Forbes about this - http://www.forbes.com/sites/janetnovack/2014/12/22/how-to-donate-bitcoin-to-charity-and-get-a-big-tax-deduction/

Donate to the FIRST BITCOIN 501 (c)(3) BitGive Foundation here - http://bitgivefoundation.org/donate-now/

Connie Gallippi
Founder & Executive Director
BitGive Foundation

Don't mean to rain on your parade...however:

1. In most cases, gains are taxed only when realized (when you actually sell your coins).
2. Charitable donations aren't always fully deductible.
3. If you have $1000 of taxable income, donating it means you keep $0.  Paying your taxes on it means you keep part of it.

Thanks, I am not claiming to be a tax expert. The two resources I provided explain it very well from professionals in the field with experience and knowledge :)

Actually just realized that I left off this article - http://www.forbes.com/sites/janetnovack/2014/12/22/how-to-donate-bitcoin-to-charity-and-get-a-big-tax-deduction/

Will edit the post. 

Thanks!