Help me calculate my zakat

[burbylellen]

I know some variant of this question has been asked many a time and I have been reading related posts and browsing through blog posts all night; however, there are still some confusions that I need to clarify to accurately calculate my zakat.

As I understand, the conditions for zakat eligibility and "zakat-able" assets:

• Meet the Nisab threshold - I do now and did a year ago.
• Zakat-able assets
  • I have cash that I've held for a year - no confusion here
  • I have some crypto that I've held for more than a year; hence, it is zakat-able. I've held it for almost six years and the value has appreciated; however, I have not made any transactions. Do I treat it as a long-term investment? (I plan to sell whenever it reaches $x which could be tomorrow or 10 years from now) and calculate 2.5% of (market value - book value) gains? Or the total market value of the holding right now?
  • Mutual funds purchased in the last year and held for less than a lunar year - this is honestly where the real confusion lies. A few months ago, I moved the majority of my savings to MF investment. I see it as a long-term investment (Retirement fund and house purchase fund). Every paycheck I add more and purchase more units of the MF. The MF does pay dividends that are invested back into the fund (DRIP). The money is not locked in, as in I can access it whenever I need by just selling the MF units that I own at a price in the market at the time.
    • Is my MF investment zakat-able? (held less than a year)
    • Do I pay zakat on the dividend yields or the total market value of the holding?
    • Would it be different if I had held the MF for more than a year?
  • I've lent some money to a close family member, and at the time of borrowing they said they'd pay back as soon as they were able to - it hasn't been a year and honestly don't know when or if at all they'd pay back. Should I count this debt as accounts receivable and include it in my zakat-able assets?

We are followers of the Hanafi school of thought if that makes any difference.

JZK

 

[michelletyanna]

@burbylellen If you had the nisaab amount a year ago and have the nisaab amount today, you must pay zakaat on all zakaatable assets. It doesn't matter whether each of the assets were held for a year or not.

 

[lee1]

@burbylellen Go to a genuine scholar, not this app. People here have no clue what they’re on about.

 

[burbylellen]

@lee1 Yeah I agree. There's just too many opinions and differences on the internet. I am reaching out to scholarly authority directly.

 

[princesst1]

@burbylellen You need specific answers to specific questions thus you need to speak to mufti.

Online forums are for general advice on general issues not fatwas on your own particular situation.