Hi Product Hunters!
I'm very excited to be launching HarvestingCat, a place to donate your NFTs/cryptos to charitable organizations supporting your favorite cause.
I've been talking to numerous nonprofits and they have told me that they would like an easy way to accept NFT donations while not having to deal with listing, selling them on the exchanges.
So we made HarvestingCat.
💪 How it Works: You connect your wallet, select a charity you want to support and get the tax receipt so that you're prepped for the next tax season.
We would love for the community to test it out and let us know what you think!
@rrhoover Yes indeed. gotta take advantage of every opportunity you can get :)
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I am extremely impressed with HarvestingCat. The platform is very user-friendly and intuitive, making it easy for me to navigate and understand my tax savings scopes as a cryptocurrency investor.
The team at HarvestingCat is also accommodating and responsive, answering all of my questions and concerns in a timely manner. They walked me through the process step-by-step and made sure that I was comfortable with everything before moving forward.
One of the best features of the platform was the ability to scan all of my cryptocurrencies and automatically identify the assets in my wallet that I could donate, saving me a significant amount of time and effort. The tax receipt calculations were also accurate and reliable, giving me confidence that my tax returns will be prepared correctly.
@sam_fox we don't calculate the taxes for you but we show you the estimated amount you can save by donating your NFTs. Of course this changes depending on your tax bracket. Also, if the value of a single NFT is more than $5000, you would need to get it appraised by a qualified appraiser.
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@choi_kl thanks! the website is very intuitive!
So essentially you calculate the fair value price through nftbank? And is it enough if I show up with the receipt to my tax accountant and they will take care of tax rebates using just the receipt?
@choi_kl also why can’t I donate NFTs worth > 5k. Doesn’t nftbank estimate those type of NFTs as well? Also when I donate my NFT, it goes to your wallet, right? Do you sell it immediately? And how do you sell them?
You seem to generate a tax receipt as soon as the transaction occurs, how can I be sure the funds from selling the nft reached the non profit. And what happens if the nft is never sold?
@sam_fox You can donate nfts worth > 5k. That's just the IRS rule. You can take a look at https://www.irs.gov/pub/irs-pdf/... page 21 for the specific rule. We send you another receipt after we donate to the charity so you can be assured that funds reached the organization. Nft will always be sold because we use tools like unsellablenfts.com or https://nftlossharvestooor.com/ that pay you 1 gwei.
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@choi_kl Thanks for your answer. A follow up: Where would you generally post the NFT in order for it to be sold? In case you wouldn't want to dump it for 1 gwei, would you post it on opensea looking for a buyer? What if you never sold it for 3 months, but the user already has a receipt that he/she might use for a tax writeoff. What would you do in such a situation? Would you just dump it for 1 gwei and send the user an updated receipt? In other words, the user already has a receipt for the fair value price but then now you were never able to sell it? What would you do in such a case?
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