Donating Bitcoin and other Cryptocurrency to Food Bank
Private support in a variety of forms is essential in fulfilling our service mission at Food Bank For New York City. We are excited to now offer cryptocurrency giving as an additional option for our donors. Donating cryptocurrency can bring you tax benefits while helping fill the Meal Gap throughout the five boroughs. Food Bank For New York City provided more than 121 million meals to our neighbors in need in 2021.
Much like stocks and mutual funds, cryptocurrency is an appreciable asset. This type of gift can be especially appealing if you are holding Bitcoin, Ethereum, or any other commonly traded cryptocurrency that may have appreciated significantly in value (we currently accept more than 70 different cryptocurrencies as donations!) If you first cashed that asset into dollars before making a donation, this would create a tax expectation on your capital gains. However, making a cryptocurrency gift directly to Food Bank For New York City means your full contribution is tax-deductible at the immediate current valuation in US Dollars, and your philanthropy goes to work faster in supporting food insecurity in New York City.
Talk to your financial adviser or learn more about this great way to fight hunger from our crypto-charity partners at The Giving Block.
Questions for us at Food Bank? Contact: Matthew Honeycutt, Chief Development Officer at email@example.com.