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Register Today on DNForum IT'S FREE!I am in the process of purchasing a few websites off this forum and I was wondering how this will affect my taxes.
Can I write the purchases off as expenses? Or am I unable to write it off as an expense, but instead include it as a newly acquired asset?
I am looking to purchase websites. View my DNF thread HERE
domain names are assets if you plan to resell. However it is a business expense if you buy it to host your companies website on.. then it only becomes an asset if you plan to sell it.. the tax laws are very confusing on this issue, as in theory a domain name does not depreciate in value.
Enterprise Communications and Social Media in Uist
Contact GregR - his annual buying spree is for tax purposes.
Well If you are getting a site generating revenue or so you still have to write it as your expense because sites get sold at 10-12 months revenue (correct me if i am wrong) and until you dont work hard to get more revenue off it and it runs with the same revenue it will be called as expense because you had paid and you have been less with money for that month.
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