question Domain Names + Taxes

[william]

Hello,

Is anyone here familiar with taxes in regards to domain names? Specifically in the United States. I think I've been treating sales in a very costly way (tax wise), so I had a few questions about some tax strategies. If anyone is knowledgeable or can recommend someone who is, I'd really appreciate a few minutes of your time.

Some questions that I had were:

1) Can you sell domain names as a long-term capital gain if you held them for more than one year? Instead of reporting it as regular income and paying higher taxes. If so, what do you need to prove that this was a long-term capital asset?

2) I have an LLC, how can I use it to my advantage when it comes to domain names and taxes?

Thanks!

William

 

[jhm]

This thread was done a short while ago, may be of use:

Question about tax return - NamePros

Also:

Legal Discussion - NamePros

Legal threads, take a scroll. Search "tax" or "taxes" in the top right of NamePros, may find relevant things