Milbank LLP partner and co-Practice Group Leader of the Trusts, Estates and Exempt Organizations group Austin Bramwell was quoted in an opinion piece in The Wall Street Journal, discussing how the IRS requires appraisals for crypto donations over $5,000. In the article, some critics argue liquid cryptocurrencies should be treated like publicly traded assets, urging the Treasury to revise the rules.
“The Treasury and the IRS have express authority to create exceptions to the qualified appraisal requirements in appropriate cases,” Austin explained. “When the IRS wrote the rules back in 1988, they obviously could not have anticipated the nonsensical situation with cryptocurrency, a publicly traded asset that nonetheless is not necessarily a ‘security.’ The IRS can and should exercise its authority to revise the rules and eliminate the need for bootless qualified appraisals.”
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