DNForum - Domain Sales, Domain Forum, Domain Appraisals, Domain Registrars
HomeRegisterMembershipsGetting StartedDomain Tools Domain EbooksSEO Software Domain Resellers Advertise

Go Back   DNForum - Domain Sales, Domain Forum, Domain Appraisals, Domain Registrars > Domain News, Beginners Guides and Legal Stuff! > Domain Name Legal Issues
Register Search Today's Posts Mark Forums Read

Reply
 
LinkBack Thread Tools Display Modes
Old 07-20-2004, 09:03 PM   #1 (permalink)
DNF Addict
No Avatar
 
Last Online: Today 01:42 PM
iTrader: (8)
Join Date: Nov 2002
Posts: 1,766
DNF$: 2,424
Location: home
Country:


Taxes: Truth or Myth

A friend of mine that owns many of the top webmaster sites on the net told me if you sell a site and buy another site within the same year you don't pay taxes on the amount you got from the old site when selling it as long as you put it towards buying a new site that may be more expensive or the same price.

True or false? Or is there something similar?
DNWizardX9 is offline   Reply With Quote
Sponsored Ads
Old 07-20-2004, 09:57 PM   #2 (permalink)
Philadelphia Lawyer
 
jberryhill's Avatar
 
Last Online: 09-18-2009 01:17 AM
iTrader: (1)
Join Date: Oct 2002
Posts: 2,987
DNF$: 6,350

Send a message via ICQ to jberryhill

Re: Taxes: Truth or Myth

Any business may deduct ordinary expenses from gross revenue. If this is something you intend to consider, then you should certainly obtain any basic material on the subject of tax considerations for businesses.

http://www.toolkit.cch.com/text/P07_2500.asp
__________________
John Berryhill Ph.d., esq.
John-AT-johnberryhill.com
Please do not send private messages via dnforum.com, email me directly.

Last edited by jberryhill; 07-20-2004 at 09:58 PM.. Reason: adding stuff
jberryhill is offline   Reply With Quote
Old 07-20-2004, 10:06 PM   #3 (permalink)
No Avatar
 
Last Online: Today 08:56 PM
iTrader: (87)
Join Date: Mar 2003
Posts: 4,413
DNF$: 6,593
Location: Washington,DC


Re: Taxes: Truth or Myth

Jeff,

False. The net income is taxable from the first transaction. But, it can be offset by
expenses incurred for the creation of the second site.
__________________
Act Now


Twitter - dotcomgroup
actnow is offline   Reply With Quote
Old 07-20-2004, 10:07 PM   #4 (permalink)
DNF Addict
No Avatar
 
Last Online: Today 01:42 PM
iTrader: (8)
Join Date: Nov 2002
Posts: 1,766
DNF$: 2,424
Location: home
Country:


Re: Taxes: Truth or Myth

thanks for the tips
DNWizardX9 is offline   Reply With Quote
Old 07-21-2004, 09:32 AM   #5 (permalink)
Philadelphia Lawyer
 
jberryhill's Avatar
 
Last Online: 09-18-2009 01:17 AM
iTrader: (1)
Join Date: Oct 2002
Posts: 2,987
DNF$: 6,350

Send a message via ICQ to jberryhill

Re: Taxes: Truth or Myth

"But, it can be offset by expenses incurred for the creation of the second site."

Which, depending on the nature of the business, might or might not be a capital expense to be spread over more than one tax year. If this is really an issue for you, then you need to seek the advice of an accountant or attorney who can unravel the mysteries of the tax code.
__________________
John Berryhill Ph.d., esq.
John-AT-johnberryhill.com
Please do not send private messages via dnforum.com, email me directly.
jberryhill is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Taxes Doamin name, what do you think? JoDomains Domain Name Appraisal Discussion 1 09-06-2003 06:19 AM
The plain truth Bloodxus Domain Name Appraisal Discussion 8 01-23-2003 01:53 PM
.biz - Whats the truth DeCal Domain Name News 22 01-07-2003 04:46 AM
Taxes due April 15 schmidte Domain Name Appraisal Discussion 5 12-23-2002 01:22 PM
The truth Nic Gold Cafe 8 07-21-2002 02:50 PM


All times are GMT -5. The time now is 10:42 PM.
Copyright @2001-2009 DNForum.com