If I'm investing into a crypto currency that charg...
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kushionj
New Member

If I'm investing into a crypto currency that charges a 10% fee, where 5% is donated to charities, can I claim the charitable donation?

 
2 Replies
DaveF1006
Employee Tax Expert

If I'm investing into a crypto currency that charges a 10% fee, where 5% is donated to charities, can I claim the charitable donation?

Yes, you can go to federal>deductions and credits>charitable donations>donations to charities 2020. Here you can enter the monetary amount of the contribution.

 

Note, you may not be able to claim this unless you can itemize your deductions for the year. If unable to itemize, you may claim the standard deduction and be able to claim a $300 or less monetary donation. If this is the case, you will need to remove your charitable deduction from your original entry point and then claim the $300 at the end of the deductions and credits section of your return.

 

 

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Carl
Level 15

If I'm investing into a crypto currency that charges a 10% fee, where 5% is donated to charities, can I claim the charitable donation?

You can either include it in the fee paid deduction, or as a charitable contribution. You can't do both, as that would be double dipping. Since charitable contributions to qualified charities are only 50% deductible at best, I would not go that route.

 

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