asked

As a U.S. citizen living in Panama and the treasurer of a newly formed Rotary club that aims to help an indigenous group in Panama, I have received a large Bitcoin donation for the club. What are the tax implications for me personally and the donor, both being U.S. citizens, if the Bitcoin is donated, exchanged for goods or services, or sold and converted to U.S. dollars for club use? Additionally, what are the tax implications if the donation is made in U.S. dollars instead of Bitcoin?

March 1st, 2023

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