Dementia Society of America now accepts 5 cryptos, all tax-free donations

05 Jul, 2019
by David Borman
Adoption
Dementia Society of America now accepts 5 cryptos, all tax-free donations

It is being reported by NewsBTC that the Dementia Society of America (DSA) has announced it will now be accepting cryptocurrency as a form of donation. The added boon to the charity is that since the IRS considers cryptocurrency property, it is not taxed when donated.

The DSA elaborated in a press release that it would henceforth be accepting Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and USD Coin (USDC) for donations to the charity. Kevin Jameson, Volunteer President, had the following to say:

"We want the crypto community to know that we support innovative mediums of exchange. More than 2,000 years ago, we traded salt and gold for our labors – as we were worth our weight in it – today, its bits and bytes, and since our Society's origins just over 5 years ago, we've understood that there is always lasting value to human kindness, no matter the currency."

In addition to donations, the organization is running a "clicks-to-bricks" program that allows for donors use crypto to purchase bricks to be used in building the DSA's new national headquarters.

What makes all of this exceptionally attractive to DSA is that under current tax code, donations of property cannot be taxed. Well it just so happens that the IRS considers cryptocurrency to be property. It is plausible this won't be the case forever, but for the time being, it means more money donated can go to help those in need. Will other charities do the same? Stick right here with Chepicap for all updates!

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