Selling website taxes?
 

If you sell a website in the US what tax form do you use to report it?

Tax form? I have brokered many domains and programs and never ran across any special tax form.

Irs Form JDL-633789


Link below

http://www.irs.gov/forms/633/info

Capital gains is what you are thinking.
:2 cents:

Well do I have to fill out a form or not?

Yes fill out the form i mentioned above in triplicate

.............

Talk to your CPA/Accountant.

I couldn't find that form you typed it wrong

http://www.irs.gov/pub/irs-pdf/


Form #JD67L-50JDL

What's wrong with you?

LOL, this is funny.

reboot your computer, clear your cache and try juicy's link again :2 cents:

???? form is there

Works here.

sweeet



http://i305.photobucket.com/albums/n...DancingGuy.gif

I have been claiming it as straight revenue. seeing this makes me wonder whether it might be better to claim as capital gains

Aside from capital gains being around 10% cheaper than personal tax.

Also matters how the site was structured as a business. Did you keep it as a sole proprietor and partnership, or was it in the form of a corp. Since they are taxed with different terms in regard to capital gains.

PS since I actually do appreciate business topics on here (lolz aside).
When you sell a sole proprietorship you are supposed to attach form 8594, asset acquisition statement to your filings. (had to ask my father in law what it was, he also mentioned a lot more - until I just explained it was a general question and we were not selling one.)

For capital gains, it would have had to be owned for over a year before being sold, right? Or is there a short-term capital gains that works with website sales? Presumably if you buy websites with the intent of reselling them for profit and most of your sales occur inside a year, they'd be considered inventory and not investments, right?

Some interesting responses in this thread. Food for thought.

:1orglaugh:1orglaugh

http://leusd.lvm.schoolfusion.us/mod...ated_dance.gif

I'm still not sure about it

it doesn't seem to make sense to me that if I buy a domain for $10 and build a site on it and sell it for $1000 6 months later that it would count as a capital gain....... that doesn't seem right to me. need some tax acct. advice :2 cents:

Capital gains you pay less in tax.

Only should claim under normal income if you are trying to pump up your annual income to buy a house, investment, whatever. So you look like you have more money, and pay more taxes accordingly.

That part I am not sure of, and you would want to talk to an accountant.

Most of the things I claim as capital gains I have owned more than a year, so I had never thought about it.

:ddddddddddddddddddddddddd