Coming in clutch ahead of the tax deadline. For nonprofits and donors, engiveninc is working to facilitate tax reporting by launching a tax form and appraisal service for crypto donations.
Engiven, an enterprise cryptocurrency donation platform, is working to simplify tax reporting for cryptocurrency donors and nonprofits by launching a tax form and appraisal service for crypto donations.
According to Engiven, nonprofits have to file IRS Form 8282 for crypto donations of $500 or more if donated funds are exchanged for the U.S. dollar, while donors must file Form 8283 with their tax return for the donation of $500 and more. The Engiven platform automatically enters the donation data into the IRS tax forms and sends the completed form to the nonprofit to sign and file.
In order to donate crypto worth $5,000 or more, donors are required to have the donated funds appraised by a qualified expert. According to Tony Oommen, vice president of the public charity Fidelity Charitable, the price of a qualified crypto appraisal mayEngiven CEO James Lawrence noted that the new tax features and services on Engiven ultimately aim to help donors and charities focus on their mission by automating the tax form creation process.
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