ARTICLE · 20 JANUARY 2020

Taxation Of Cryptocurrency: Reporting Charitable Contributions In The US And New Developments In The UK

DLA Piper UK LLP

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In recent years, owners of appreciated cryptocurrency assets have donated cryptocurrency to the relatively small number of charities that currently accept such donations

GlobalTechnology

In recent years, owners of appreciated cryptocurrency assets have donated cryptocurrency to the relatively small number of charities that currently accept such donations. Apart from convenience, a significant driver behind these donations is that donors of cryptocurrency do not have to pay US income tax on any appreciation in the donated cryptocurrency and generally can take a deduction equal to the full value of the donated cryptocurrency. Charities that accept (or want to accept) donations of cryptocurrency face a number of administrative challenges. This update addresses one such challenge − US income tax reporting − and outlines recent IRS guidance on the topic. Additionally, we review new taxation guidance issued in the United Kingdom.

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