Using your digital currency wallet software/app, you may send donations to Spectrum Symphony in the form of Bitcoin, Etherium, Litecoin, or BitcoinCash to our addresses below. We are a 501(c)(3) Public Charity, which means donations of money or property are tax-deductible. Please let us know right away (email email@example.com) if you send us a donation of any digital currency; we need to know who you are before the transaction becomes final, so we can credit you and send you a confirmation thank-you letter. If you would like to read more, please see below.
For those that are forward-looking, donating digital currency (or “crypto”) is a great way to help Spectrum Symphony!
If you have been holding Bitcoin (BTC) or other crypto for some time, your capital gain on paper may be considerable. If you exchange it for US dollars directly, your gains will be taxed. See the statements from the IRS:
Virtual Currencies – IRS.
The good news is, you may avoid that capital-gains tax by donating Bitcoin directly “in kind” to a 501(c)(3) charity like Spectrum Symphony, just as you could with other appreciated assets or stock. In addition, you get a charitable tax-deduction for the market value of the asset at the time of donation, if you have held it for more than one year. The deductible value of your donation would be the market value of your gift in USD at the time you make the donation (again, only if you have held it for at least one year. If you held it for less than one year, then your tax deduction would be the amount you PAID for it, which could be considerable lower). Here is one article, of many, for general info: Hey, bitcoin millionaire: Give away your fortune for a tax break (CNBC)
There are some fine-print rules, but if you have purchased your digital currency as an investment ( not earned it as a salary or by mining it), then it counts as a capital asset donation that you may deduct just like other property or stocks donations. NOTE: this is how we understand it today, but we are not tax professionals. You may want to consult with your tax professional about this.
Rest assured: Spectrum Symphony is not is the business of speculating on the price of any assets including digital currency. We will exchange (sell) any donated digital currency for USD as soon as is practical, and deposit the USD in our bank account, for use for our exclusively musical mission.
If you send any digital donation to our addresses, please let us know by email right away that you have done so. When we confirm that the transaction has completed, we will send you a letter of thanks, confirming your donation amount. Note that the Blockchains are public for all to see; your “from” address, amount of currency, timestamp, and our “to” address (but not the names of the address holders) will appear in the permanent record.
We appreciate your generosity and hope you will take advantage of this opportunity to help us.
Do not hesitate to contact me if you have any questions.
Thanks for your support,
David A. Grunberg, President
Date:Dec. 28, 2017