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What is Tax Loss Harvesting?
Tax loss harvesting is a common strategy that allows investors to offset capital gains by selling assets at a loss. This can potentially lower your overall tax liability.
TradFi Example
Imagine you have a portfolio of stocks. Some stocks have gone up in value, while others have gone down. Tax loss harvesting works like this:
- Sell the stocks that have gone down in value
- Use the "losses" from these sales to offset the "gains" from your profitable stocks
- This can reduce your overall taxable income, potentially lowering your tax bill
How does it work for NFTs and Tokens?
Similarly, you can sell worthless or illiquid NFTs to realize losses, and (usually) use these losses to offset gains from other investments. Our service simplifies this process for both NFTs and ERC20 tokens, helping you offload junk from your wallet as part of your overall crypto tax strategy.
However, tax rules around the world vary, so you should always consult with a tax pro. If you don't have one yet, we recommend the crypto-native tax pros at WAGMI.Tax, who have handled our taxes for years!