Got my church on board with accepting #bitcoin donations. Only question I didn't have an answer for was handling the issuance of a receipt for the #bitcoin. Does anyone have a solution they've used? Would a bitcoiner even want to claim the tax deduction? Lol
#plebchain #Christian
It may just be treated like any other commodity and require a CWA, contemporaneous written acknowledgement. Lika a receipt, but with a fancier name. The burden is on the taxpayer to receive that CWA within a certain timeframe before they file, and then the reward for the burden is that they declare it on their itemized deductions like they would any other deducted item.
Does your church have a CPA, accountant, certified auditor, or tax attorney? If so, the church should tell them what type of tithing they want to receive and what type of paperwork the church is obligated to provide to the donator, because you’re paying the professional to tell you how to make it happen. There’s almost always a way. In the overall scheme of paying taxes, #btc is new enough some professionals may just not want to take the liability burden of telling you how to do it.
I think many people would like to donate stocks, commodities and etc to their church because the tax benefit is double. You get the deduction, and you don’t have to create a taxable event beforehand so you don’t have to give up money that you’re planning to give away anyway.
nostr:nprofile1qqs25hnvelruklp5x8gjkr4yhql9kd2zwcp9ygyq565xrz2s2flczxcppemhxue69uhkummn9ekx7mp0ksvhjv & nostr:nprofile1qqsf03c2gsmx5ef4c9zmxvlew04gdh7u94afnknp33qvv3c94kvwxgspz4mhxue69uhhyetvv9ujuerpd46hxtnfduhszrnhwden5te0dehhxtnvdakz7qgewaehxw309a5xyu3wvdhhyctrd3jjuum0vd5kzmp0er5gcs do you guys have advice or suggestions for solutions?
Hey brother. Congrats! How did you set them up to receive donations?
Christ is risen! I haven't done anything officially yet. My proposal is that I'll buy them a hardware wallet and help them set it up. Once we generate the addresses I was going to simply add to the website "We now accept Bitcoin donations at bc123blahblahblah" and have them lock the wallet away. Then set up the priest and probably treasurer with Blue Wallet to watch activity.
I was thinking we could add a little form on that part of the site page that asks for name, email, and amount donated. Could ask that if they want a receipt they submit the form prior to completing the transaction so we can have some sort of assurance that the person requesting the donation receipt is the same person who sent the sats.
Feels like a jerry-rigged, hillbilly solution but I think it should be workable?
The diocese of Alaska & Sitka use the Giving Block to receive crypto. Similar to Engiven crypto donations are automatically sold for USD and deposited in the bank account. I don't like any of that. I want my parish to hodl
This is what my church uses as well, they provide email receipts. My church auto converts, I don't know if you can keep it in bitcoin or not.
The wording [here](https://www.engiven.com/crypto-donations) makes me think hodling ain't an option. Maybe I'll reach out to them and Giving Block tomorrow to see if they have a hodl or even self-custody option
Both Engiven and The Giving Block are expensive. I would check out nostr:nprofile1qqsrtv3u6qkj6a09tnhr3l0wy67g9uw3t57ftqyqpvztpk3wmd6306spz3mhxue69uhhyetvv9ujumn0wd68ytnzvuq3samnwvaz7tmjv4kxz7fwwdhx7un59eek7cmfv9kqzdln08, as they will let you keep it in Bitcoin. I know a bunch of non-profits that use them.
Simple enough for new folks, tons of free resources at River.com/learn, further help when you need it, 99% sure they provide forms for gifts.
River.com/TGFB supports us, but no pressure there; they’re the best in the biz and I would recommend them regardless.
