Bitcoin isn’t for everyone. But if you invested in Bitcoin or other virtual currency prior to Jan. 1, 2021, it’s likely worth a lot more than you paid for it.
Despite recent market volatility, Bitcoin is still one of the best-performing assets over the past five to 10 years. If you own some, you may have a very low cost basis and you should evaluate the tax implications before cashing in.
One impactful option that can save you on taxes: Using cryptocurrency to support our mission.
What Are My Tax Benefits?
Your cryptocurrency gift to Mayo Clinic qualifies for an income tax deduction for its fair market value, up to 30% of your adjusted gross income (AGI) with a five-year carryover. If you have held your cryptocurrency for more than a year, you also avoid the capital gains tax you would have paid if you sold it.
How It Works
Transfer your cryptocurrency. Work with the charitable organization or your donor advised fund provider to make the transfer via their online wallet tool.
This Gift Is Right for You if:
- You would like to receive a federal income tax deduction in the year you make your gift.
- You would like to avoid capital gains tax.
- You would like to make an impact on our mission.
If you are interested in giving Bitcoin or other cryptocurrency to Mayo Clinic, please contact Mayo Clinic Office of Gift Planning at 800-297-1185 or firstname.lastname@example.org. We are happy to walk you through the process.
Information contained herein was accurate at the time of posting. The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Mayo Clinic policies may impact gift acceptance, gift structure, and options available. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.