Want to donate to charity with crypto? 'It's a massive community of people that are ready to give, but they're not being asked'

Cryptocurrency investors are ending the year with some eye-popping gains, and some may be wondering how to minimize their upcoming tax bill — but many are unaware of one such option that could also help make the world a better place.

One of Connelly’s favorite examples of a charity using crypto is Code to Inspire, a computer coding school for girls and women in Afghanistan that accepts cryptocurrency donations and uses it to pay students for coding work. One recent example shows both the promise and the challenge of crypto philanthropy: The co-founder of Ethereum ETHUSD, -2.91%, Vitalik Buterin, donated $1 billion worth of Shiba Inu coin SHIBUSD, -5.60 to COVID-19 relief in India in May, a couple of weeks after becoming the world’s youngest known crypto billionaire at age 27.

If you’re a crypto investor looking to donate some of your holdings, here are five questions to ask first: What kind of tax break can I get for donating crypto? Donating cryptocurrency can potentially give donors a double tax benefit: They can avoid paying capital gains taxes and reduce their taxable income, because they can deduct the full market value of the crypto.

Donors should factor in the cost of the appraisal when they’re deciding whether to donate crypto vs. another type of asset, Oommen said. For example, donors don’t need to get appraisals for donations of marketable securities to claim a tax deduction.

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