Transcript

Hey everyone, I'm going to show you how to use Coin Trackers tax loss harvesting dashboard to potentially lower your tax bill before December 31st. This isn't financial advice, just to walk through of how the tool works. Tax loss harvesting simply means selling crypto that's gone down in value to offset gains you've made another asset. So one of the easiest, most overlooked ways to lower your taxable income for the year. In Coin Tracker, go to the Tax Loss Harvesting tab on the left. This page pulls in all your synced walls and exchanges and gives you a complete picture. Now let's look at these numbers at the top. Potential savings. This is an estimate on how much you could reduce your taxes if you harvested all available losses today. Below that you see maximum harvestable losses. This is the total amount of losses you could realize across your entire portfolio. These numbers update daily based on market prices, cost basis, and realized gains. Bull that you'll see your realized gains and losses for the year, short term and long term. This gives you a clear look of where you stand before harvesting anything. Now when you Scroll down, Coin Tracker automatically sorts all the crypto you own that you can set a loss because at the top, smaller ones below, you don't have to hunt through Walter spreadsheets. It's all laid out in one place. When you expand a coin, you can see every individual lot when you bought it, it's cost basis, market value, and the exact loss you'd realize if you sold it today. This removes all the guesswork and makes it really easy to plan. For example. Here's my cello position. This coin hasn't performed well for me and honestly I'm OK letting it go to simplify My Portfolio a bit. If I sold it today, I'd realize about 1900 and losses. That directly offsets any gains I've already made this year and reduces my taxable income. And just like with stocks, these realized losses can offset gains across all your capital assets, crypto equities, and even up to 3000 of ordinary income if your losses exceed your gains. This page gives you a complete and accurate snapshot of your gains and losses across all your wallets, so you know exactly what you're working with. Now. To access tax loss harvesting, you'll need a prime plan. The prime plan includes Taxol servicing, tax faults breakdown, tax reports for all years, performance tracking, portfolio tracking, and support for up to 1000 transactions per year. If you're planning ahead for tax season, probably pretty much gives you everything you need. Plus, a lot of users actually end up saving more with taxes harvesting than the cost of their price of their prime plan. So that's tax loss harvesting. Corn tracker. If you want to see your potential savings, open up the Tax house having tab in your account. It's the simplest way to understand your gains or losses and what actions to take before December 31st.