NFT Loss Harvestooor

NFT Loss Harvestooor - Sell your worthless NFTs - save thousands in taxes | Product Hunt

Sell Your
worthless NFTs. Save thousands in taxes

We buy your illiquid NFTs so you can write off the losses on your taxes.

Sell Your NFT
Or watch how it works  👀
Brought to you by the team at
CoinLedger Logo
harvestooor meme

"good luck with
that tax bill"

would rather
write off losses
than make money

only harvestoooring
losses. Never taking
gains

How it works?

Connect
your wallet
Select the NFT
you wish to sell
Sell your NFT &
receive 0.00000001 ETH in return
Claim the capital loss
on your tax return

💰

When you dispose of your NFT for less than you acquired it for, you recognize a capital loss that can be used to reduce your taxable income for the year. This is a tax-savings strategy known as tax loss harvesting.

Maximize your tax refund for the year

Reduce your taxes by selling your depreciated NFTs and claiming the losses.

Time to Harvestooor your losses, Logan.

Logan Paul could lower his capital gains for the year by up to $623,000 by harvesting his NFT loss!

Ape into tax savings

That's right.

If you have capital gains in 2022 from selling cryptocurrency, stocks, a house, or any other capital asset, you can offset these gains by strategically selling assets like NFTs at a loss. Depending on your personal situation, this could lead to thousands, if not tens of thousands in total tax savings.

Let's look at an example:
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Let's say John Summers sold a portion of his bitcoin holdings at the height of the market in February 2022
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In doing so, he realized $50,000 in capital gains.
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That $50,000 is now income that John has to pay taxes on. If John is a high earner, he may have to pay up to 37%, or $18,500 to uncle Sam in taxes.
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But what if, during that same year (2022), John also spent $30,000 buying rainbow caterpillar NFTs on OpenSea that he was sure were going to the moon?
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Well, it turns out the market value of those rainbow caterpillar NFTs today is close to zero, which means John has a huge tax savings opportunity in front of him!
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If John sells his rainbow caterpillar NFTs for a small amount of ETH, he can realize up to $30,000 of capital losses.
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Given that his bitcoin gains and NFT losses happened in the same year, they offset! Now John’s total capital gains for the year go down to $20,000.
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Therefore, John's tax bill will be reduced to $7,400 (37% of $20,000)
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This means John saved $11,100 by strategically selling his worthless NFTs at a loss!
1

What if I have a NET capital loss?

If you have more losses than gains across all of your assets in a given year, then your net capital losses can reduce your ordinary income by up to $3,000. The rest of your losses will be carried forward to future years.

Frequently Asked Questions
What types of NFTs do you support?
The NFT Loss Harvestooor supports Ethereum based NFTs — the most popular blockchain for NFTs.
Will selling my NFT at a loss count as a tax write off?
Yes. By selling your NFT for less than you acquired it for, you will realize a capital loss that reduces your taxable income.
Do you charge a fee for this service?
No. The NFT Harvestooor is completely free to use and does not charge transaction fees. You will just need to cover the cost of gas for the transaction.
How do you make money?
The NFT Tax Loss Harvestooor is a free-to-use service built by the CoinLedger team. CoinLedger is a cryptocurrency tax software platform that makes money by selling auto-generated tax reports. You can test out the platform yourself for free!
How much will I get for my NFT?
You will receive 0.00000001 Ether in exchange for selling your NFT to the NFT Loss Harvestooor.
Will you support other blockchains in the future?
Possibly! It depends how much demand we see for this service. If you want to see us support other chains, let us know by tweeting at us @CoinLedger.
The NFT Graveyard -- RIP jpegs
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losses now.
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