Tax ??? - DNForum - Domain Sales, Domain Forum, Domain Appraisals, Domain Registrars

10-18-2002, 03:12 PM

recently I bought a domain from Korea for $10,000 and sold it to U.S. company for $25,000. Both transactions were paid via wire transfer.

Do I have to pay tax for the profit? How does this work?

**GeorgeK** · 10-18-2002, 04:22 PM

Yes, you always need to pay tax on the profit. Can write off your other expenses, though.

10-18-2002, 04:54 PM

So, if the transaction was done outside the U.S. then the reseller doesn't have to pay tax, right?

**jberryhill** · 10-18-2002, 05:23 PM

Your profile indicates you are in New York. You darn bleeding well had better report your income to the IRS. It doesn't matter where the 'transaction was done', the question is "did you derive income".

**Fearless** · 10-18-2002, 05:26 PM

Do you look good in stripes?

**GiantDomains** · 10-18-2002, 05:29 PM

**RMF** · 10-18-2002, 05:35 PM

Oh come on, its domain names. You don't have to pay taxes on domain names

RMF

**Lew** · 10-18-2002, 06:47 PM

You certainly have to pay taxes on the gain, but depending on
your situation, you might want to call it a capital gain or you may wantYou certainly have to pay taxes on the gain, but depending on y to call it ordinary income.

Seek some tax advice from a CPA - you can save yourself a lot of money in taxes

**Lew** · 10-18-2002, 06:49 PM

hmmm - that didn't come out right....

You certainly have to pay taxes on the gain, but depending on
your situation, you might want to call it a capital gain or you may want to call it ordinary income.

Seek some tax advice from a CPA - you can save yourself a lot of money in taxes

Thats better!

**GiantDomains** · 10-18-2002, 07:20 PM

dkny....

if they were wire transfers, anything over 10,000 is immediately reported to the IRS....

so if you don't claim it this year... they will eventually get you. May be a few years from now, but they will <evil laugh>.

**RMF** · 10-18-2002, 07:26 PM

The government can take their taxes and shove it up their......yowzers!... Don't you just get sick of paying taxes?.. Thats it!, im moving to Japan!..

RMF

10-21-2002, 02:40 PM

and the japs don't pay tax huh?

Saudi Arabia would be better as Income tax is 0%

DotComster · 10-21-2002, 03:45 PM

Quote:

Originally posted by President Gringo

Saudi Arabia would be better as Income tax is 0%

Shhhh and Arabia is not the only one either

Thank God for retarded 3rd world country tax and accounting systems !

10-18-2002, 03:12 PM	#1 (permalink)
dkny Guest Last Online: 12-31-1969 07:00 PM Posts: n/a DNF$: 0 [Check]	Tax ??? recently I bought a domain from Korea for $10,000 and sold it to U.S. company for $25,000. Both transactions were paid via wire transfer. Do I have to pay tax for the profit? How does this work?

10-18-2002, 04:22 PM	#2 (permalink)
GeorgeK TheBest.com Name: George Kirikos Last Online: Today 12:59 PM iTrader: (2) Join Date: May 2002 Posts: 2,206 DNF$: 866 Location: Toronto, Canada Country:	Yes, you always need to pay tax on the profit. Can write off your other expenses, though. __________________ George Kirikos Home Page

10-18-2002, 05:23 PM	#4 (permalink)
jberryhill Philadelphia Lawyer Last Online: 09-18-2009 01:17 AM iTrader: (1) Join Date: Oct 2002 Posts: 2,987 DNF$: 6,350	Your profile indicates you are in New York. You darn bleeding well had better report your income to the IRS. It doesn't matter where the 'transaction was done', the question is "did you derive income". __________________ John Berryhill Ph.d., esq. John-AT-johnberryhill.com Please do not send private messages via dnforum.com, email me directly.

10-18-2002, 05:26 PM	#5 (permalink)
Fearless Last Online: Yesterday 04:49 PM iTrader: (26) Join Date: Jul 2002 Posts: 3,987 DNF$: 8,739 Location: Planet Earth Country:	Do you look good in stripes? __________________ Hotshot Domain Name Sellers Wanted

10-18-2002, 05:29 PM	#6 (permalink)
GiantDomains President Last Online: 12-13-2007 10:56 AM iTrader: (10) Join Date: Sep 2002 Posts: 7,062 DNF$: 325 Location: N-Y-C Country:	__________________ NETCHEAP - Discount Dotster Reseller - $7.99 FREE pushes from your dotster account, renew for $7.99! 1. Create a netcheap account. 2. Push from dotster to netcheap account name. 3. Renew for $7.99! Last edited by GiantDomains; 10-18-2002 at 05:56 PM..

10-18-2002, 04:54 PM	#3 (permalink)
dkny Guest Last Online: 12-31-1969 07:00 PM Posts: n/a DNF$: 0 [Check]	So, if the transaction was done outside the U.S. then the reseller doesn't have to pay tax, right?

10-18-2002, 05:35 PM	#7 (permalink)
RMF Platinum Lifetime Member Last Online: 11-13-2009 03:20 AM iTrader: (0) Join Date: Sep 2002 Posts: 1,420 DNF$: 460 Location: BC Country:	Oh come on, its domain names. You don't have to pay taxes on domain names RMF

10-18-2002, 06:47 PM	#8 (permalink)
Lew Platinum Lifetime Member Last Online: 03-03-2007 07:48 AM iTrader: (0) Join Date: Aug 2002 Posts: 104 DNF$: 1,268 Location: NY	You certainly have to pay taxes on the gain, but depending on your situation, you might want to call it a capital gain or you may wantYou certainly have to pay taxes on the gain, but depending on y to call it ordinary income. Seek some tax advice from a CPA - you can save yourself a lot of money in taxes __________________ Choppers.com.

10-18-2002, 06:49 PM	#9 (permalink)
Lew Platinum Lifetime Member Last Online: 03-03-2007 07:48 AM iTrader: (0) Join Date: Aug 2002 Posts: 104 DNF$: 1,268 Location: NY	hmmm - that didn't come out right.... You certainly have to pay taxes on the gain, but depending on your situation, you might want to call it a capital gain or you may want to call it ordinary income. Seek some tax advice from a CPA - you can save yourself a lot of money in taxes Thats better! __________________ Choppers.com.

10-18-2002, 07:20 PM	#10 (permalink)
GiantDomains President Last Online: 12-13-2007 10:56 AM iTrader: (10) Join Date: Sep 2002 Posts: 7,062 DNF$: 325 Location: N-Y-C Country:	dkny.... if they were wire transfers, anything over 10,000 is immediately reported to the IRS.... so if you don't claim it this year... they will eventually get you. May be a few years from now, but they will <evil laugh>. __________________ NETCHEAP - Discount Dotster Reseller - $7.99 FREE pushes from your dotster account, renew for $7.99! 1. Create a netcheap account. 2. Push from dotster to netcheap account name. 3. Renew for $7.99!

10-18-2002, 07:26 PM	#11 (permalink)
RMF Platinum Lifetime Member Last Online: 11-13-2009 03:20 AM iTrader: (0) Join Date: Sep 2002 Posts: 1,420 DNF$: 460 Location: BC Country:	The government can take their taxes and shove it up their......yowzers!... Don't you just get sick of paying taxes?.. Thats it!, im moving to Japan!.. RMF

10-21-2002, 02:40 PM	#12 (permalink)
President Gringo Guest Last Online: 12-31-1969 07:00 PM Posts: n/a DNF$: 0 [Check]	and the japs don't pay tax huh? Saudi Arabia would be better as Income tax is 0%

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