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Generally if one is going to be involved in a gift of this sort, the transaction is going to need to be handled during normal business hours. If it is anything other than a publicly traded stock, an appraisal is likely required, and a fair amount of paperwork. It would seem to be exceedingly difficult to do this on the Lord's Day, and much easier to just try to get everything scheduled during the week.ow do you do this without involving commerce on the Lord's Day?
So if I wanted to donate some appreciated stock so I could avoid the capital gains tax and thus maximize the value of the gift, your church would refuse? Or are you just speaking of not wanting gifts of cryptocurrencies from possible criminals?We only accept USD.
We’d direct you to the PCA Foundation to help you manage your gifts. I don’t need money so bad that I’m going to invite a headache. I have enough of ‘em.So if I wanted to donate some appreciated stock so I could avoid the capital gains tax and thus maximize the value of the gift, your church would refuse? Or are you just speaking of not wanting gifts of cryptocurrencies from possible criminals?
Not my area of expertise, but it appears that it is treated as a gift of property, with some paperwork required from the charity so that the gift is tax deductible. So it doesn't look like it is much different from, say, accepting a gift of collectible artwork. https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions#:~:text=Your charitable contribution deduction is,for more than one year.
Suppose I offer to donate to your church $10 worth of stock. Is it worth the hassle to figure out how to sell it, how to report it, etc? Do you accept gifts of artwork, ming vases etc? If it's $10,000 worth of stock, probably - especially if your denomination can help with the details of disposing of it.If donations of cryptocurrency are designated by the IRS as 'collectibles', then what biblical guidelines do churches use to say yes or no? Is a church obligated to receive collectibles as donations? Should the church receive crypto and immediately sell it or keep it as an investment for the future? Cybercurrency can be easily kept in a cyber-wallet with a password.
I am trying to figure out why a church would say no to donations of cyber currency. The only hassle is where to keep the password to the wallet, and when to sell.
The PCA Foundation does accept crypto at the denominational level. https://pcafoundation.com/giving/#giving-tabs|2 The denominational foundation also administers investments for individual congregations on a fee basis. https://pcafoundation.com/churches/designated-funds/As to keeping it as an investment, most churches I know aren't in the investment business. If someone donated stock, we would realize the value and use it immediately, which would normally be the donor's intent. I don't want to have to explain to a church meeting how I lost money by not selling it at the magic moment. If your church has an endowment (are there such churches in our circles?) which is professionally managed that may be a different story.
Our church only accepts actual money. Not that fake digital stuff.
How can cryptocurrencies exist anyway? Only the government can print money.
Tell that to folks that have lost millions to the 'exchanges' that have absconded with their deposits.And because of block chain technology, it cannot be stolen.
I'm not sure if our brokerage would allow for bitcoin or similar currencies, but we would probably start there.
The government prints the dollars, but it's the Federal Reserve that issues it unless you have some old silver certificates.Only the government can print money.
Not necessarily - if it is valued and converted to currency promptly, then there is little risk.it would have to be the well established and stable coins.