Help continues to evolve just as people do. Providing a meal to someone in need is one way to help someone, and over the years, people have found many ways to help others.
At some point, organizations like Mental Health America came into the picture.
For a while, all you could do is send cash to organizations, but that’s changing with crypto.
Mental Health America is one of the organizations willing to accept cryptocurrency, which is just wild.
About Mental Health America
Mental Health America or MHA for short is an organization dedicated to facing one of today’s greatest foes: mental health issues.
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The organization was founded back in 1909, and it has been able to provide a lot of help with the assistance of good-hearted people. It’s one of the nation’s most important community-based organizations, and it’s completely nonprofit.
The focus is on helping people who live with mental health illnesses, some of which can be quite debilitating.
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The nonprofit also does its best to promote mental health and raise awareness. Believe it or not, there are still a lot of stigmas connected to some mental health disorders or illnesses.
With the help of like-minded people, the nonprofit has been able to change lives. They’ve helped with early detection, intervention for folks at risk, and initiating much-needed services to make lives better.
It’s in the nonprofit’s best interest to make it easy for people to help, and that fact helped MHA open its cryptocurrency doors.
Cryptocurrency Opens Doors
MHA understands, like many other organizations, that some people may want to donate with cryptocurrency. There shouldn’t be barriers standing in the way of help.
It makes sense that nonprofits such as these are some of the first organizations to open their doors to crypto coin owners. This helps the organization, and it further legitimizes crypto.
As a cryptocurrency owner, knowing that you can donate some of these coins helps you feel like you’re part of something bigger.
It’s easy to think that crypto is just a good investment for the future, but it’s so much more. Your cryptocurrency can change lives, and all you have to do is join MHA.
You can donate Bitcoin, Ether, Litecoin, Bitcoin Cash, Z-cash, Filecoin, Dogecoin, or other types of currencies as long as they are accepted within the Gemini Exchange.
Before making such donations, it’s best to consult with a financial planner. The professional will let you know how much you can donate and what this will mean for your taxes.
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The tax question is a big one. The IRS considers crypto property. When you decide to donate to a 501(c)3, that donation will be handled just like stocks.
Non-Taxable Crypto Donation
At some point, you’ll find out that your crypto donation is not taxable, and you may wonder what that means for you.
If you buy crypto and donate it, you’ll get a tax deduction. That deduction will reflect the fair market value of the coin you donated.
You don’t have to worry about the capital gains tax you normally have to worry about when you sell your cryptocurrency and make a donation.
See, MHA is just trying to make things easier for you. If you donate more, you’ll be able to deduct even more. Hopefully, this move helps the nonprofit help more people in need.