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Obviously the forums aren't a source for tax advice, however, that said, I'm curious what many of you do when it comes to your domains and taxes. I keep hearing that if your domain purchases are merely hand regs (or aftermarket domains that are less than $500) that the IRS is fine with you classifying them as normal businesses expenses. In other cases, I hear that you're supposed to treat all domains that were purchased to be resold, as inventory. In other cases, I hear that amortization is best.
What you do? Does your strategy differ? Do you write them off as a regular business (other) expense, classify them as inventory or do you somehow amortize them over 15 years?
What you do? Does your strategy differ? Do you write them off as a regular business (other) expense, classify them as inventory or do you somehow amortize them over 15 years?
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