BlackCatsAreNice
Established Member
- Impact
- 226
Hello,
I know the question of taxes and domain sales have come up before so forgive me if this is a re-hash. I have gone through some previous threads and still don't have a clear idea of how to proceed.
I'd like to keep my filings simple. I have a "day job" and domaining is a side hustle. I've mainly been investing in domains with occasional sales. I average 1-3 sales a year.
Can I "keep it simple" and just enter data from my W2 form as usual and have profits from my domain sales filed under *miscellaneous* and be done with it?
I went to a CPA with my W42 and print outs of my Escrow.com sales but he keeps telling me I need a 1099 from from which I don't have.
All my sales are via Escrow.com and funds deposited directly to my checking account. So the communication from Escrow.com (in the form of a "closing statement" email) and the record of the deposit from Escrow.com into my checking account are the only two evidence of the sale.
I am in the process of exploring setting up an LLC or some other structure but since I sell so sporadically, I don't know if it makes sense.
Thanks for any help!
I know the question of taxes and domain sales have come up before so forgive me if this is a re-hash. I have gone through some previous threads and still don't have a clear idea of how to proceed.
I'd like to keep my filings simple. I have a "day job" and domaining is a side hustle. I've mainly been investing in domains with occasional sales. I average 1-3 sales a year.
Can I "keep it simple" and just enter data from my W2 form as usual and have profits from my domain sales filed under *miscellaneous* and be done with it?
I went to a CPA with my W42 and print outs of my Escrow.com sales but he keeps telling me I need a 1099 from from which I don't have.
All my sales are via Escrow.com and funds deposited directly to my checking account. So the communication from Escrow.com (in the form of a "closing statement" email) and the record of the deposit from Escrow.com into my checking account are the only two evidence of the sale.
I am in the process of exploring setting up an LLC or some other structure but since I sell so sporadically, I don't know if it makes sense.
Thanks for any help!
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