Per the IRS, Bitcoin and all virtual currency are considered property. As
is also true for gifts of securities (also property per the IRS), your
receipt should provide a description only.
John
John H. Taylor
Principal
John H. Taylor Consulting, LLC
2604 Sevier St.
Durham, NC 27705
johntaylorconsulting@gmail.com
919.816.5903 (cell/text)
Serving the Advancement Community Since 1987
On Fri, Sep 6, 2019 at 11:08 AM Brown, Susan M <
smbrown1@uif.uillinois.edu>
wrote:
> Good afternoon,
>
> Looking for feedback on the receipting of bitcoin gifts. We processed
> this gift like a gift-in-kind with no value listed on the receipt; rather,
> just a description of what we received (e.g. .000780 and .0001049
> Bitcoin). Is anyone stating the readily available market value on the
> receipt? Or should/shouldn’t it be stated?
>
>
>
> Thanks!
>
> Susie
>
>
>
> *Susie Brown*
> Director of Gift Administration
> University of Illinois Foundation
> 1305 West Green Street, MC 386
> Urbana, IL 61801
> *p *217.300.7000 // *f *217.333-5577 // *e *
smbrown1@uif.uillinois.edu
>
> [image: UIF | UIUC | UIC | UIS]
>
>
>