Since 1997, Free Arts NYC has fostered creativity and confidence in youth from underserved communities as well as the skills to succeed in any career they pursue. We’re championing the next generation of artists by connecting youth to mentors and a variety of opportunities through our arts programs that create access and build supportive networks.
Free Arts NYC recognizes the opportunities for creators to collaborate and excel in new ways in the Web3 space. Cryptocurrency donations and support from NFT artists and projects are investments in the future of young creatives and empower Free Arts NYC to foster equity within the arts.
What are the benefits of donating crypto?
• Avoid capital gains tax while earning a bigger tax deduction
• Deduct the fair market value of the cryptocurrency (regardless of your cost basis)
• Have greater impact by letting the Free Arts NYC keep 100% of the proceeds
We accept the following cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Zcash (ZEC), Gemini Dollar (GUSD), Basic Attention Token (BAT), Chainlink (LINK), 0x (ZRX), Storj (STORJ), Dai (DAI), Amp (AMP), The Graph (GRT), UMA (UMA), 1inch (1INCH).
Save on your Taxes by Donating Crypto
Why Donate Crypto Directly? Taxes!
There’s a reason high net worth individuals tend to donate property instead of cash. Donating cryptocurrency directly to a 501c3 nonprofit is more tax efficient and can save you money.
The IRS classifies cryptocurrency as property for tax purposes which means it is typically the most tax efficient way to support your favorite cause. When donating crypto, you receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the crypto and then made a donation. That means you’re able to donate more, as well as deduct more on your tax return. The difference? Sometimes more than 30%.
If you provide an email, you will automatically receive a tax receipt after donating.