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Created page with "<h2>Can I donate bitcoin?</h2> Yes! To contribute via Bitcoin, please visit [https://sendto.mozilla.org/page/content/give-bitcoin/ this link.] <h5>Is Mozilla worried about th..."
<h2>Can I donate bitcoin?</h2>
Yes! To contribute via Bitcoin, please visit [https://sendto.mozilla.org/page/content/give-bitcoin/ this link.]
<h5>Is Mozilla worried about the fluctuating value of bitcoin?</h5>
Mozilla will not actually be holding any bitcoins it receives through donations. Instead, we are partnering with Coinbase to convert them to United States dollars upon receipt. That means that the amount of the donation will remain entirely unaffected by changes in market value of bitcoin. In addition, Coinbase waives all transaction fees for nonprofits who use its service, including Mozilla. That means the amount in bitcoins that donors give in USD is what Mozilla will receive.
<br>
<h5>Is it tax-deductible to donate using bitcoin?</h5>
The Mozilla Foundation is a California non-profit corporation exempt from United States federal income taxation under IRC 501(c)(3) and a public charity classified under IRC sections 170(b)(1)(A) and 509(a)(1). Bitcoin donations Mozilla receives are considered charitable contributions under U.S. federal tax laws, to be used in its discretion for its charitable purposes.
<br>
<h5>Are there any special tax rules for contributions of bitcoin?</h5>
Because the IRS has indicated that it will treat bitcoin as property for U.S. tax purposes (see IRS Notice 2014-21), donations of bitcoin may be subject to special rules as to the amount of your charitable deduction, the documentation that must be provided to claim a tax deduction, or other matters. (See http://www.irs.gov/taxtopics/tc506.html for an overview.) Depending on your individual circumstance, a gift of bitcoin could have better or worse tax consequences than a cash gift. You may wish to consult your tax advisor about the tax consequences of giving bitcoins in your specific circumstances and about the documentation required in order to claim a deduction.
<br>
<h5>What documentation does Mozilla provide to donors?</h5>
We appreciate our donors and are happy to provide confirmation of their donation upon request. All bitcoin donors should automatically receive an acknowledgement of their donation for U.S. tax purposes, sent via email to the address they provide when they donate.
<br>
Depending on the amount of their non-cash contributions during the year, donors may also determine that they need Mozilla Foundation to sign a Form 8283 confirming its receipt of their donation (e.g., if their total bitcoin donations to all charities for the year exceed $5,000). Mozilla Foundation is happy to sign a donor’s Form 8283 upon request, but it is the donor’s sole responsibility to determine whether this is necessary and, if so, to provide the form for signature at least 10 business days in advance. PDF copies of the form may be sent to donate@mozilla.org for signature. Any other documentation (e.g., an appraisal) remains the donor’s sole responsibility.
<br>
<h5>What personal information does Mozilla require Bitcoin donors to provide?</h5>
In most cases, Mozilla requires only an email address, which is necessary so that Mozilla can send them an acknowledgment letter for tax purposes.
<br>
For bitcoin contributions of more than $5,000, and other contributions for which the donor provides Form 8283 to Mozilla for signature, Mozilla expects to file a Form 8282 with the IRS in connection with its disposition of the bitcoins it receives. In such cases, we will request the donor’s name, address, and U.S. tax identification number so that we can properly complete our tax forms. Typically, the donor is required to provide that information to Mozilla on a Form 8283 in any event, in order to secure his or her own tax deduction (see above). If we do not hear from a donor within 90 calendar days from the date of his or her donation, we reserve the right to file the Form 8282 using our best available information.
<br>
<h5>How secure is Coinbase?</h5>
Coinbase is committed to keeping its platform secure by encrypting all sensitive customer information and storing 97% of funds offline to protect against theft. Coinbase also utilizes an active community of security researchers to encourage the continuous auditing of their platform. For more information on the measures Coinbase takes to protect your funds and information, visit their Security page:
https://www.coinbase.com/security
Yes! To contribute via Bitcoin, please visit [https://sendto.mozilla.org/page/content/give-bitcoin/ this link.]
<h5>Is Mozilla worried about the fluctuating value of bitcoin?</h5>
Mozilla will not actually be holding any bitcoins it receives through donations. Instead, we are partnering with Coinbase to convert them to United States dollars upon receipt. That means that the amount of the donation will remain entirely unaffected by changes in market value of bitcoin. In addition, Coinbase waives all transaction fees for nonprofits who use its service, including Mozilla. That means the amount in bitcoins that donors give in USD is what Mozilla will receive.
<br>
<h5>Is it tax-deductible to donate using bitcoin?</h5>
The Mozilla Foundation is a California non-profit corporation exempt from United States federal income taxation under IRC 501(c)(3) and a public charity classified under IRC sections 170(b)(1)(A) and 509(a)(1). Bitcoin donations Mozilla receives are considered charitable contributions under U.S. federal tax laws, to be used in its discretion for its charitable purposes.
<br>
<h5>Are there any special tax rules for contributions of bitcoin?</h5>
Because the IRS has indicated that it will treat bitcoin as property for U.S. tax purposes (see IRS Notice 2014-21), donations of bitcoin may be subject to special rules as to the amount of your charitable deduction, the documentation that must be provided to claim a tax deduction, or other matters. (See http://www.irs.gov/taxtopics/tc506.html for an overview.) Depending on your individual circumstance, a gift of bitcoin could have better or worse tax consequences than a cash gift. You may wish to consult your tax advisor about the tax consequences of giving bitcoins in your specific circumstances and about the documentation required in order to claim a deduction.
<br>
<h5>What documentation does Mozilla provide to donors?</h5>
We appreciate our donors and are happy to provide confirmation of their donation upon request. All bitcoin donors should automatically receive an acknowledgement of their donation for U.S. tax purposes, sent via email to the address they provide when they donate.
<br>
Depending on the amount of their non-cash contributions during the year, donors may also determine that they need Mozilla Foundation to sign a Form 8283 confirming its receipt of their donation (e.g., if their total bitcoin donations to all charities for the year exceed $5,000). Mozilla Foundation is happy to sign a donor’s Form 8283 upon request, but it is the donor’s sole responsibility to determine whether this is necessary and, if so, to provide the form for signature at least 10 business days in advance. PDF copies of the form may be sent to donate@mozilla.org for signature. Any other documentation (e.g., an appraisal) remains the donor’s sole responsibility.
<br>
<h5>What personal information does Mozilla require Bitcoin donors to provide?</h5>
In most cases, Mozilla requires only an email address, which is necessary so that Mozilla can send them an acknowledgment letter for tax purposes.
<br>
For bitcoin contributions of more than $5,000, and other contributions for which the donor provides Form 8283 to Mozilla for signature, Mozilla expects to file a Form 8282 with the IRS in connection with its disposition of the bitcoins it receives. In such cases, we will request the donor’s name, address, and U.S. tax identification number so that we can properly complete our tax forms. Typically, the donor is required to provide that information to Mozilla on a Form 8283 in any event, in order to secure his or her own tax deduction (see above). If we do not hear from a donor within 90 calendar days from the date of his or her donation, we reserve the right to file the Form 8282 using our best available information.
<br>
<h5>How secure is Coinbase?</h5>
Coinbase is committed to keeping its platform secure by encrypting all sensitive customer information and storing 97% of funds offline to protect against theft. Coinbase also utilizes an active community of security researchers to encourage the continuous auditing of their platform. For more information on the measures Coinbase takes to protect your funds and information, visit their Security page:
https://www.coinbase.com/security
