A taxpayer who makes a charitable donation of more than $5,000 of cryptocurrency must submit a qualified appraisal of its value to qualify for a charitable deduction under Sec. 170(a), IRS advised in Chief Counsel Advice Memorandum ILM 202302012 (January 10, 2023). The taxpayer cannot satisfy this requirement by relying on the cryptocurrency's value as listed on a cryptocurrency exchange.

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