Sponsored: Pay the IRS Less with Tax Loss Harvesting from ZenLedger

Published: Thu, 12/20/18

Reduce the Taxes You Owe the IRS by Tax Loss Harvesting with ZenLedger

It’s been a really rough year for crypto investors. However, there are some smart things you can do to minimize your taxes for 2018, 2019, and going forward. But you have to act before
Dec 31, 2018. We’ve made it easy for you to use ZenLedger to take advantage of these money-saving tactics!

How to harvest a loss on crypto

The IRS will tax you on the capital gains you make from investments (like stocks and real estate). But if you lose money on an investment, you get a tax loss asset.

For example: Say you bought 1 Bitcoin on Feb 1, 2018 for $10,000. The price of Bitcoin is currently at $3,500. If you sell that 1 Bitcoin today, you will receive a $7,500 tax loss asset.
Use your loss assets in crypto to offset gains in real estate or stock investments in 2018, or, you can save this asset for next year and it will offset your investment gains then. If you don’t have investment gains, use $3,000 of capital loss to offset your income tax.

Please remember - consult your tax professional for advice here.

You have to sell before year end!

You have to sell your crypto at a loss before Dec 31, 2018 to use these losses for your 2018 tax returns. If you do not sell, then you do not have a realized tax loss and you will receive no tax benefits from losing money on your crypto investments this year.

How to use ZenLedger’s tax harvesting tool

To produce the Tax Loss Harvesting report, you will need to upload all your crypto transactions from 2018 but also previous years if you have them. ZenLedger needs all that information to accurately establish a cost basis and holding period for each crypto buy and sell to get your taxes correct.

ZenLedger will then provide you with a spreadsheet that will tell you how much of a tax asset you will receive from selling each lot of cryptocurrency. We will break it out by the coin for you.

The output shows you by the coin what the maximum tax loss is at the current market price vs. what you bought it for. See our website for step-by-step instructions for using the tool.

We are offering a special for those users that want to start harvesting their crypto losses now that the market is so low. 😟 Use the code “zengains2018” before the end of the year to get 20% off your purchase!

And here is an example showing you the individual lots of each coin:

So if you only want to sell half your EOS, you’ll know exactly how much of a tax benefit you will get. Depending on when you bought it, it’s probably not a linear relationship.

ZenLedger will also produce a Schedule D, Form 8949, and a comprehensive tax spreadsheet we call Grand Unified Accounting that lets you or your CPA see exactly where every coin went in a tax year.

Here is an example of the Grand Unified Accounting:

Coupon:
Here is a 20% coupon for ZenLedger. “Palm20”
Just enter “Palm20” at checkout by clicking “I have a coupon” after you enter your credit card info.

If you paid full price recently, ZenLedger will honor this coupon and refund you 20% of your purchase price. Just contact them at hello@zenledger.io
This coupon expires Dec 31st, 2018.

How Do You Use ZenLedger?
It’s free to create and account and upload your transactions. You’ll have customer support by live chat, email, or phone.

You will need to upload every exchange or wallet that you have used since you started trading crypto.

Follow ZenLedger’s process by selected each exchange or wallet and then importing your transactions by API or CSV upload. API’s are just the way computers can exchange data. CSV’s are just spreadsheets of your trading history that you can download.

Pricing
With your 20% discount, the pricing for ZenLedger is:

$120 for the Starter package if you have less that $50,000 of assets and less than 500 transactions.
$320 for the Premium package if you have less than $300,000 of assets and less than 1,000 transactions.
$640 for the Executive package if you have less than $1,000,000 of assets and less than 4,000 transactions.
$800 for the Unlimited package if you have more than $1,000,000 of assets or more than 4,000 transactions.

A transaction is an buy, sell, or transfer of cryptocurrency.

You can learn more at ZenLedger's website here.