Disclaimer: This is not legal or financial advice.
Dear Foregen supporters,
If you hold crypto, now is an excellent time to support Foregen! When you donate cryptocurrency to Foregen, a qualified charitable organization registered under Internal Revenue Code Section 170(c), you can unlock significant tax advantages.
Tax Benefits of Crypto Donations:
• No income, gain, or loss recognition from the donation.
• Tax-deductible contribution based on fair market value.
• Potential tax savings while supporting our important mission.
How Your Donation is Valued:
• For cryptocurrencies held over one year: Deduction equals the fair market value.
• For cryptocurrencies held one year or less: Deduction is the lesser of your cost basis or current market value.
Important Filing Details:
For donations exceeding $5,000, you'll need to submit IRS Form 8283, which we'll help you complete for IRS documentation.
Example Scenario
Imagine you purchased 1 ETH at $1,000 on June 27th, 2022, and donated it to Foregen on November 27th, 2024:
• ETH Price Range on Donation Day: $3,250 - $3,550
• Fair Market Value (Average): $3,400
• Potential Tax Deduction: $3,400 from your Adjusted Gross Income (AGI)
That means you can deduct $3,400 from your AGI if you itemize in IRS Form 1040 Schedule A.
In this scenario, the appreciation of the cryptocurrencies does not have to be recognized by the donor. So it’s a great win-win for you, Foregen, and our critical mission to provide a regenerative medicine solution to affected men worldwide.
Sincerely,
The Foregen Team
*Foregen does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction
.png)
.png)
.png)
