psychedelic
Established Member
- Impact
- 16
I've been purchasing domains for a while and just getting around to try to understand how this works from a tax perspective.
Last year I spent about 1400 on renewal fees, and I did not sell any domains.
Can I write the 1400 off as a loss on my taxes?
Do I need to set up an actual business to do this, or can I do it as an individual?
I also purchased a premium domain from Huge Domains this year for 13,600, approximately 570 per month for 2 years.
Can I write the 570 per month(~6840 per year) off on my taxes next year when I file 2022 taxes?
Thank you in advance for the help!
Last year I spent about 1400 on renewal fees, and I did not sell any domains.
Can I write the 1400 off as a loss on my taxes?
Do I need to set up an actual business to do this, or can I do it as an individual?
I also purchased a premium domain from Huge Domains this year for 13,600, approximately 570 per month for 2 years.
Can I write the 570 per month(~6840 per year) off on my taxes next year when I file 2022 taxes?
Thank you in advance for the help!