NameSilo

Parking and Taxes

Located in Domain Parking and Traffic Monetization, started by Jak Blak, Sep 3, 2021

Replies:
7
Views:
691

  1. Jak Blak

    Jak Blak Established Member

    Posts:
    43
    Likes Received:
    14
    I have no sales, but I am making a couple thousand on parking - maybe a bit more than my net pay for one month at work. Live in the US. What is the legal / legitimate way to report what I make parking and pay my fair share of taxes? Also can I deduct my purchases from this year? Renewals before I report? Last year I asked my parking company for a 1099, but that doesn’t allow me to subtract purchase / renewals. It just says I earned X. I may have overpaid in taxes because there was no recognition of what I paid for my donains. I want to do the right thing and not get into any trouble. I would also like to be able to keep some of my parking profits.
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. thegeekguy

    thegeekguy Established Member ★★★★★★★★★★

    Posts:
    423
    Likes Received:
    166
    Jak Blak is this gross 2k to 3k every month?
     
    Last edited: Sep 5, 2021
  3. Jak Blak

    Jak Blak Established Member

    Posts:
    43
    Likes Received:
    14
    No, no. Maybe 3000-4000 for the year, if none of my better domains die. I feel like I need to report that to the IRS somehow, and I’m looking for advice on what other parkers do.
     
    Last edited: Sep 5, 2021
  4. biggie

    biggie GreenFriendly.com VIP ★★★★★★★★★★

    Posts:
    11,120
    Likes Received:
    13,078
    Hi

    expenses from domains, can be deducted from income earned on/from them.

    also, you may have to pay some "Self- Employment" taxes

    best advice, if you have job and do domaining as a hustle, then it's best to ask your employer to deduct extra tax from your paycheck, to help cover any tax due the next year.

    imo....
     
    Last edited: Sep 5, 2021
  5. Jak Blak

    Jak Blak Established Member

    Posts:
    43
    Likes Received:
    14
     
  6. lindamurcelo

    lindamurcelo New Member

    Posts:
    5
    Likes Received:
    3
    New
    No, no. Maybe 3000-4000 for the year, if none of my better domains die. I feel like I need to report that to the IRS somehow, and I’m looking for advice on what other parkers do.
     
  7. mohsinkhan656744

    mohsinkhan656744 Restricted (15-30%) Gold Account

    Posts:
    371
    Likes Received:
    354
    Friend, Which domain parking service are you using?
     
  8. Jak Blak

    Jak Blak Established Member

    Posts:
    43
    Likes Received:
    14

Want to reply or ask your own question?

It only takes a minute to sign up – and it's free!
Topics / Tags:
NameWorth
  1. NamePros uses cookies and similar technologies. By using this site, you are agreeing to our privacy policy, terms, and use of cookies.
    Dismiss Notice
Loading...