While virtual currencies sound incongruous with a religious congregation, a growing number of Americans have invested in virtual currencies. Despite volatility, a growing number of investors have seen a dramatic increase in their investments of virtual currencies. As a result, an increasing number of investors holding virtual currencies that have appreciated in value are considering donating some of their holdings of virtual currency to their favorite charitable organizations, including their religious congregation. This approximately 30-minute webinar will briefly define the terms “virtual currency” and “cryptocurrency.”
The webinar will also provide information to help congregations understand the federal tax law for gifts of virtual currency valued at greater than $5,000.00. The logistical aspect of how a congregation accepts donations of virtual currency, what type of property virtual currencies are considered, the advantages of accepting donations of virtual currencies, and the necessary requirements in reporting charitable contributions in virtual currency will also be addressed.
This webinar is scheduled for Friday, January 7, 2022, at 3:00 PM. It is open to all Pastors and church leaders (esp. Presidents and Treasurers) interested.