What about us?
We're just like you—A curious group of degens that have been exploring low-cap altcoins since the great bull run of '17. Albeit, there's one major difference between us.
We have deep expertise in the thing that everyone hates and no one understands: Taxes.
That's right, the CoinLedger team has been together for the past four and a half years building market-leading cryptocurrency tax software systems that are used by hundreds of thousands of digital asset investors all over the world.
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Our mission is simple:
To reduce the friction associated with participating in the crypto-economy
by automating the hurdle of tax compliance.
About the NFT Tax Harvestooor
One day this past summer, one of our lead software engineers was complaining about the sheer number of NFTs he was sitting on that were completely worthless.
He wasn't complaining about losing money, no. He was frustrated that there wasn't a market to sell his worthless NFTs back to. Therefore, he couldn't easily book capital losses on these assets to then reduce his tax liability for the year.
Put another way, he didn't have a simple method to Tax Loss Harvest his NFTs. In that moment… an idea was born
It started with a
Slack message and
a simple idea...
It started with aSlack message and a simple idea...
Harvestoooring Your NFT Losses
“Let's allow people to realize losses on their potentially illiquid NFTs.”
And that's exactly what we did.
So what is it?
The NFT Tax Harvestooor is a simple smart contract deployed to Ethereum mainnet which allows any wallet to sell an NFT and receive a small amount of ETH in return. In doing so, you realize all of your capital losses on your NFTs which lowers your taxable income.
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You can verify all of the code powering the NFT Tax Harvestooor smart contract here
Lower Your Taxable Income For 2022
You can get started by connecting your wallet and selecting the NFT you want to harvest losses here. Some people have saved tens of thousands of dollars in taxes by strategically harvesting their NFTs!
Oh by the way
It's completely free to use, and we don't charge any transaction fees. Simply cover the gas cost. wgmi.
Let us know what you think of the app by tweeting us @CoinLedger! We'd love to hear from you :)
losses now.