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Donate Cryptocurrency to CitySquare

 

Join CitySquare by donating cryptocurrency to help us provide vital solutions to combat homelessness and poverty in our city. Tokens accepted include Bitcoin, Ethereum, and USD Coin.

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Here’s how you can support CitySquare with a generous gift of cryptocurrency:

1. Visit the CitySquare Crypto Fund, powered by Classy.

2. Copy and paste CitySquare into the Charity Name field and click Next​

3. Follow the prompts to complete your donation of Bitcoin, Ethereum, or USD Coin. Please note, this fund accepts cryptocurrency donations of $5,000 or more. Giving to CitySquare through the Crypto Fund does not involve the tax implications of converting crypto to fiat prior to giving. 

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FAQs

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Why should crypto users donate crypto? 

Choosing to donate your cryptocurrency means you can help save money on taxes while benefiting CitySquare. Learn more about the tax benefits of crypto donations.

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What is the benefit to donating crypto instead of fiat?

By donating crypto directly, you can receive a higher tax benefit and provide a larger donation to a cause you care about. By donating via cryptocurrency via the Crypto Giving Fund, you avoid paying capital gains tax before you make the donation.  Note:  This is NOT formal tax advice. We recommend speaking with your tax advisor if you have any questions or concerns.

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How is donating crypto different from donating fiat?

The IRS recognizes a crypto donation as property (very similar to donating stock). The receipt will show the amount of crypto coin that was donated and the estimated value of the donation, which will be the average of the daily high and the daily low for your donation.

 

How does it work? Where does the cryptocurrency go?

Coinbase Commerce is the platform to accept and process cryptocurrency. This helps nonprofits accept cryptocurrency donations in a fully decentralized way. When a donor wants to make a donation, instructions will be displayed on how to send funds, and monitor the blockchain for the transaction. All payments are facilitated by Coinbase Commerce and are fully decentralized and peer-to-peer. 

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When and how will the CitySquare receive payment?

You are donating to TSDF, a California nonprofit public benefit corporation described in Section 501(c)(3) of the Internal Revenue Code of 1986 (Federal Tax ID: 95-2942582). TSDF provides a Donor Advised Fund (“DAF”) and will take direction to send the donation to the organizations listed in the cause category you have chosen. All funds will be transferred within 30 days of the receipt to CitySquare.

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How does TSDF know where to send my donation?

You must indicate in online form that CitySquare is the nonprofit you would like to send your gift. This is a critical step to ensure your donation can reach your intended recipient.

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If you have additional questions, please contact Sarah Cantu. 

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The IRS classifies cryptocurrencies as property, so cryptocurrency donations to 501(c)3 charities receive the same tax treatment as stocks. Donating cryptocurrency is a non-taxable event, meaning you do not owe capital gains tax on the appreciated amount and can deduct it on your taxes. Please contact your tax or financial advisor for more information.