Yes. Contributing long-term capital assets like stock or crypto to Daffy offers two potential tax advantages:
Immediate tax deduction. Daffy members are typically eligible to take a tax deduction for the full fair market value of the asset in the calendar year the contribution is made.
No capital gains tax. When a contributed asset is worth more than its original purchase price, members are not responsible for paying capital gains tax on the gain. This can represent significant savings compared to selling the asset and donating the proceeds.
To explore the potential savings, try one of Daffy's calculators:
You can learn more about the tax advantages of DAFs on our blog.
These calculators and any related blog content are for educational purposes only. Calculations are illustrative and do not reflect all potential complexities of individual tax returns. Daffy does not offer tax advice. Consult a tax professional to understand your specific situation.