DomainCairn
Established Member
- Impact
- 17
Not sure what thread this belongs on, but its almost tax time and I was wondering how most domainers go about claiming any profits they made from selling domains on their federal income tax.
For those who have done this in the past --- For example, If you made $1,000 by selling a few domains, but it cost you $300 to purchase them to begin with. Do you claim $1,000 or $700 on your taxes?
For reference, I am from the US and have been doing my own taxes for over 12 years and I prefer to keep it that way. I just need some guidance this year as this will be the first time I will have to claim domain sales. I am hoping other domainers who have more experience on the matter can chime in on how they claim domain sales on their federal income tax.
I realize talking to a lawyer would be optimal but was hoping for some input on people who have already done it in the years past.
thank you!
For those who have done this in the past --- For example, If you made $1,000 by selling a few domains, but it cost you $300 to purchase them to begin with. Do you claim $1,000 or $700 on your taxes?
For reference, I am from the US and have been doing my own taxes for over 12 years and I prefer to keep it that way. I just need some guidance this year as this will be the first time I will have to claim domain sales. I am hoping other domainers who have more experience on the matter can chime in on how they claim domain sales on their federal income tax.
I realize talking to a lawyer would be optimal but was hoping for some input on people who have already done it in the years past.
thank you!