CENTRAL POINT, OR – Since beginning to accept cryptocurrency donations in late September on the platform, The Giving Block, Dogs for Better Lives (DBL) has been the recipient of more than $50,000 in cryptocurrency.
Recently, Pawthereum donated $5,000 to DBL as part of their 12 Days of Giving Campaign. Back in October, Samoyed Coin made a $39,000 gift which included $9,000 raised by their generous community. Other notable crypto gifts have come from Pug Coin, Cool Dogs NFT, and Planet of the K9’s. DBL has also received a number of anonymous gifts.
“We have found the cryptocurrency donors to be especially generous and interested in our mission,” said Bryan William, CEO. “We are excited to be connecting to a whole new group of donors through our partnership with The Giving Block.”
How do crypto donations work? Those who wish to give crypto can donate through the Giving Block’s platform in the currency of their choice. All cryptocurrencies on the Gemini Platform are accepted. Once the donation is made, it is converted into US Dollars for DBL to use. Like all donations to DBL, 100% of gifts go to programmatic expenses, so donors can feel confident knowing that their donations are directly supporting our mission.
Tax Benefits for Crypto Donors
The IRS classifies cryptocurrencies as property, so cryptocurrency donations to 501(c)3 charities receive the same tax treatment as stocks. Donating cryptocurrency is a non-taxable event, meaning you do not owe capital gains tax on the appreciated amount and can deduct it on your taxes. There are tax resources for cryptocurrency donors on the Giving Block’s website. It’s always a good idea to check with your financial advisor on the best strategy for your situation. You can also reach out to us with questions.
#BagSeason, the annual fundraising season that promotes crypto philanthropy, runs through 12/31/2021. To learn more about cryptocurrency giving options or to make your gift, visit our Crypto FAQ page.