In published guidance, the IRS has confirmed that a “qualified appraisal” is required if a donor of cryptocurrency is claiming an income tax charitable deduction greater than $5,000. This position, set forth in Chief Counsel Advice CCA 202302012 (Jan. 13, 2023), is consistent with an earlier IRS pronouncement (Notice 2014-21) that cryptocurrency would be treated like other forms of property, such as real estate and partnership interests, for charitable deduction valuation purposes and would not be treated like cash or public traded securities. In addition to impacting donors, the new guidance also raises potential reporting obligations by nonprofit recipients.