Tax-loss harvesting: How to get part of the money you lost in crypto back from the IRS
By harvesting your crypto losses you can save a ton of money on your tax bill. TokenTax is proud to announce The Tax Loss Harvesting Dashboard, right in time for the end of the tax year.
This post was originally published here on the TokenTax Blog
It’s that time of the year. ’Tis the season, they say. The temperature is dropping, chimneys are being cleaned, and decorations are everywhere. That’s right, its Tax Loss Harvesting Season.
TokenTax is excited to celebrate this season with you and is even providing a gift; the TokenTax Loss Harvesting Dashboard. Get assistance with harvesting your losses from our tax advisors by signing up for TokenTax today.
TokenTax© has released the TokenTax Loss Harvesting Dashboard, a new tool for crypto investors to harvest their crypto losses before the 2018 tax year ends. Tax Loss Harvesting Dashboard allows crypto traders to identify what positions to liquidate in December 2018.
What is Tax Loss Harvesting?
Tax Loss Harvesting is a strategy to minimize your tax liabilities by liquidating positions based on the unrealized loss. Our Tax Loss Harvesting Dashboard has taken all of the work out of figuring out how many of each crypto you can sell.
We know exactly how much you paid for every piece of bitcoin, ethereum or other crypto you’ve purchased, and we’ve distilled that into a super simple dashboard so you know exactly how many of each crypto you can sell to realize losses, without accidentally selling too much and realizing additional gains, at whatever the current market prices are.
Why is now the best time to act?
There are two weeks left in December and this is the best time for tax strategy; not when you have to file in a few months. It’s no secret that the crypto market has experienced a bear cycle during 2018. It has been a painful year for crypto investors, but there is one major silver lining: tax savings.
Crypto traders need to plan carefully this month to optimize their crypto tax write off for next year. The optimal solution is to perform Tax Loss Harvesting. Tax Loss Harvesting is a strategy where crypto traders can liquidate trading positions based on the loss of the position.
How does the TokenTax Tax Loss Harvesting Dashboard work?
TokenTax’s Tax Loss Harvesting Dashboard pulls in all of the investors 2018 trades, including all exchanges, and identifies the optimal positions to liquidate based on the unrealized loss.
We aggregate the losses apart from the gains, which allows users to easily identify their largest unrealized losses, and only their unrealized losses, to ensure that they aren’t mistakenly increasing their tax liability by selling too much of a crypto position and realizing capital gains instead.
The product is available as a part of our VIP service, and we’ll have dedicated staff time to help people assess their options and even have a 1-on-1 calls to talk you through your specific tax situation. Given the current crypto environment, we are happy to provide a product that puts money back into your pocket as all of us in the industry hope for a strong turnaround in 2019.
Learn by example
We take you from a 50,000 foot view of your total portfolio and drill down to the smallest individual tax-lot to show you exactly how many of each crypto you can sell, and how big the realized loss will be, as can be seen in this example:
We can’t wait to show you how much money we can get back for you! Sign up for TokenTax today.
A full year since winning the Global Product Hunt Hackathon
For those that don’t know, TokenTax was the grand prize winner in the 2017 Global Product Hunt Hackathon. Through the year we’ve been steadily and passionately helping our customers get a grasp on their crypto taxes. What started as a hackathon project has turned into a full-fledged company!
I’d like to personally thank Product Hunt and Ryan for jumpstarting this amazing opportunity for our company. What better way to end this post than to say we’re launching on Product Hunt 😊.
Please upvote TokenTax on Product Hunt!!
Happy Tax Loss Harvesting Season from the TokenTax team!