Sell Your Worthless NFTs, Harvest the Losses | Hacker News Reader

Sell Your Worthless NFTs, Harvest the Losses

unsellablenfts.com

13 pointsvyrotek12 comments

Couldn't one declare the NFTs worthless and still claim the loss?[1] This seems more like a way for the creators of this site (Full Name, Full Name, and Full Name)[2] to scavenge a bunch of NFTs on the cheap. Not that there's anything wrong with that, necessarily.

[1]: https://www.irs.gov/instructions/i8949#en_US_2022_publink100...

[2]: https://www.unsellablenfts.com/about-us

You can't claim a loss on crypto if you lose the password or get hacked. Is declaring the crypto worthless different?

I honestly don't know!

From the IRS memo[1] linked in your other comment, the fact that "Cryptocurrency B continued to be traded on at least one cryptocurrency exchange" is relevant to the conclusion that it still has a value. But unsellable NFTs are by definition not trading anywhere, right? So, ironically, the existence of a service like this might provide a price floor for all NFTs.

[1]: https://www.irs.gov/pub/irs-wd/202302011.pdf

IRS: one cent rule https://www.irs.gov/pub/irs-wd/202302011.pdf

Tax on lost stolen or hacked crypto: https://koinly.io/blog/tax-on-lost-stolen-or-hacked-crypto/

The 3 founding team members all have the same name: https://www.unsellablenfts.com/about-us

Founding Team Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse tincidunt sagittis eros. Quisque quis euismod lorem.

From page you linked to, co-founders names are: Skyler Hallgren, David Sawyer, and Zach Miller.

"How much will I get for my NFT? You’ll receive 0.000007 ETH (roughly $0.01) for each NFT you sell"

"How are platform fees calculated? Each transaction is subject to a platform fee. You’ll pay 0.0033 ETH per NFT, plus gas."

So I am guessing the "0.0033 ETH"(about $5.28") fee is also tax deductible.

Makes sense to me, and it does seem to be legal from a quick google search. I'd certainly ask my accountant for advice before doing it though.

ROTFL...

Talk about make the Gov't pay for your mistakes. I think I'd a get a second opinion from the IRS before embarking on this path.

Maybe get Trump NFTs. They are sure to be worthless immediately after purchase:)

Rent free

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