Show HN: A smart contract and website to tax loss harvest your worthless NFTs

Re:Show HN: A smart contract and website to tax loss harvest... by wiidude32 on Monday December 05, 2022 @09:04AM (#33865764)

This past summer, we were super frustrated with how difficult it was to legitimately dispose of worthless NFTs in order to harvest losses on these assets for tax minimization. There's no real marketplace for worthless NFTs, but investors are sitting on thousands of dollars of tax savings if they had a simple way to harvest their NFT losses.

From this pain-point, an idea was born!

So, we started working on a smart contract that would buy any NFT for a de minimis amount of ETH, thus allowing investors to lock in their losses and reduce their 2022 tax bill.

Would love to hear any feedback!

[ Parent | on HN ]

Re:Show HN: A smart contract and website to tax loss harvest... by siftrics on Monday December 05, 2022 @11:01AM (#33867313)

Awesome product.

The main reason I would use this instead of burning my NFTs would be the product doing the legwork to figure my tax loss for me.

I think this offers tremendous value to retail (unsophisticated users). The only value I see for sophisticated users is quickly figuring tax loss.

[ Parent | on HN ]

Re:Show HN: A smart contract and website to tax loss harvest... by adammarples on Monday December 05, 2022 @11:23AM (#33867619)

>There's no real marketplace for worthless NFTs

There's always OpenSea

[ Parent | on HN ]

Re:Show HN: A smart contract and website to tax loss harvest... by fineIllregister on Monday December 05, 2022 @12:21PM (#33868543)

Do you have any plans to sell the NFTs you buy?

[ Parent | on HN ]