Hi Everyone,
Wondering if anyone successfully donated cryptocurrency on large gains, and was able to deduct from their taxes? Video below on what are the advantages.
I understand that taxes pay for a lot of things ranging from schools, infrastructure, helping the poor. I don't think I need to tell anyone here about the the wasteful spending and bribery that goes on. I rather donate to charities that I know are doing good in the world. In California federal taxes + state taxes already takes ~40%, same rate would apply for earnings on cryptocurrencies.
Many people have asked about "like-kind" transactions when exchanging cryptocurrencies, but I haven't read of one successful instance. Think donations would be a good way to lower tax liability from heavily appreciated assets like most coins for those who were lucky enough to get in early (unfortunately not myself, but maybe in the future!!).
