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Self-Study

Donating Cryptocurrency and Avoiding Traps for the Unwary

Valid for one year from purchase date
Self-study - On-Demand
2 CPE (2 technical)

Course code: 24SX-0152
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If your organization is exempt from sales tax, call us at 952-831-2707 to complete your purchase.

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As the digital asset market continues to mature, more taxpayers may be contemplating blessing their favorite charitable organizations with gifts of cryptocurrency.  Beneficiaries unfamiliar with digital assets may find it challenging to properly report any of these types of donations.  Likewise, taxpayers will need to ensure that they properly value and substantiate any contributions or potentially risk their charitable deductions being denied. This course will provide a brief overview of digital assets.  This will be followed by a discussion of the rules regarding the documentation required when claiming a charitable contribution of digital assets. This course will also cover recent IRS publications and cases discussing taxpayers whose deductions of digital assets charitable gifts was scrutinized.

Major subjects

  • Intro to digital assets
  • Differences between cryptocurrency and non-fungible tokens (NFTs)
  • IRS Notice 2014-12
  • Tax implications of contributing digital assets
  • Gift tax rules for donating, gifting or bequeathing cryptocurrency and NFTs
  • Substantiating charitable contributions of digital assets
  • Traps for the unwary

Learning objectives

  • Recognize what constitutes digital assets.
  • Determine the differences between cryptocurrency and NFTs.
  • Identify the IRS forms needed to report digital asset contributions.
  • Calculate the value of the contribution.
  • Compare differences in required substantiation based on the amount of the contribution.
  • Recall the latest rulings by the Treasury Department and courts on these contributions.

Who should take this program?

  • This course is suitable for corporate tax and finance executives, directors, managers and staff, CPAs, Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals

Pricing

Standard Member Fee $58.00
checkmark Standard Nonmember Fee $58.00
Our records indicate you are a nonmember. If you register, you will be charged $58.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

If your organization is exempt from sales tax, call us at 952-831-2707 to complete your purchase.

Add to cart

More program information

Area
of study
Taxation
Field(s)
of study
Taxes - Technical (2.0)
Level Basic
Format Self-study - On-Demand
Sponsor CPA Crossings, LLC
NASBA ID#: 108744
Prerequisites Prereq. None
Advance
prep
None

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