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What are the benefits to donating crypto instead of traditional FIAT currency?
Donating long-term held cryptocurrency investments can unlock additional funds for charity in two ways. First, you potentially eliminate the capital gains tax you would incur if you sold the assets yourself and donated the proceeds, which may increase the amount available for charity by up to 20%.
Second, if you itemize deductions on your tax return instead of taking the standard deduction, you may claim a fair market value charitable deduction for the tax year in which the gift is made and may choose to pass on that savings in the form of more giving.
This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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What crypto coins will be available?
Coins currently supported are: BTC, ETH, USDC
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What are the fees associated with a crypto donation?
Gas fees (aka network fees): Gas refers to the fee, or pricing value, required to successfully conduct a transaction on the Ethereum blockchain platform. The exact price of the gas fee is determined by supply and demand between the network's miners, who can decline to process a transaction if the gas price does not meet their threshold, and users of the network who seek processing power.
Transaction fees: Similar to processing via credit card or bank account, there are transaction fees associated with buying or selling cryptocurrencies on an exchange. The transaction fee for Crypto Giving is 2.2%.
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Does a donor have to have a Coinbase wallet to give via Classy Crypto Giving?
Yes, donors must use a Coinbase wallet.
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Can a donor make a crypto recurring gift?
No. With crypto generally, there is currently no ability to create a “billing agreement”, which is required to create a recurring gift.
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Do modal checkouts support crypto giving?
Not at this time.
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If a donor has different coins than BTC, ETH, or USDC is there a way for them to donate?
Yes! Donors can convert any alt coins into BTC, ETH, or USDC to submit a donation.
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