Welcome to Welcome to DNF.com™ - Domain Sales, Domain Forum, Domain Appraisals, Domain Registrars

If you are new to domains and looking to buy, sell and learn about domains then you have come to the right place. DNForum is the largest domain name community on the internet and continues to grow every day. There are over 105,000 domainers on DNForum doing everything from buying domains, selling domains, learning about domains and discussing domains. Take a minute and Register.

Register Today on DNForum IT'S FREE!

Results 1 to 16 of 16
  1. #1
    Platinum Lifetime Member

    Join Date
    Jan 2003
    Location
    Canada
    Posts
    1,302
    DNF$
    1,741
    Bank
    0
    Total DNF$
    1,741
    Donate  

    what I have to do now? TAX time?

    TAX Time is comming...should I declare any profit from buy/sell domain names?

  2. #2
    Account Terminated
    Join Date
    Oct 2002
    Location
    Northeast
    Posts
    3,898
    DNF$
    1,189
    Bank
    0
    Total DNF$
    1,189
    Donate  

    Lightbulb Re: what I have to do now? TAX time?

    Originally posted by calinbirlean
    TAX Time is comming...should I declare any profit from buy/sell domain names?
    Yes! Talk to your C.P.A., E.A., or tax advisor ... in my opinion!
    Good Luck.

  3. #3
    Philadelphia Lawyer
    jberryhill's Avatar
    Join Date
    Oct 2002
    Posts
    3,020
    DNF$
    6,644
    Bank
    0
    Total DNF$
    6,644
    Donate  
    "should I declare any profit "

    I guess that depends on the laws of your country, state, city, or whatever authority you pay taxes to. I guess it also depends on whether you are paying for your business, for yourself as an individual, or whatever other filing status is relevant to whatever government to which you pay taxes.

    If you were say, a US taxpayer considering filing your personal income taxes, then the idea of "profit" doesn't have much to do with it, unless you are categorizing your domain sales as a profit-making hobby. US individuals are taxed on the basis of "income", which is defined as all income from whatever source derived.

    But if you are in, say, the Cambodian highlands, then you might consult with a lieutenant of your local warlord to see what he wants this year.
    John Berryhill Ph.d., esq.
    John-AT-johnberryhill.com
    Please do not send private messages via dnforum.com, email me directly.

  4. #4
    Platinum Lifetime Member

    Join Date
    Jan 2003
    Location
    Canada
    Posts
    1,302
    DNF$
    1,741
    Bank
    0
    Total DNF$
    1,741
    Donate  
    I'm doing this as a hobby and some time I make extra money. Now is hard to say how much (I never keep traking of expensis/profit). Some money come via PayPal..other money order...checks...on my name (I don't have a company)

    tks...

  5. #5
    Gold Lifetime Member

    Join Date
    Sep 2002
    Posts
    1,185
    DNF$
    1,061
    Bank
    0
    Total DNF$
    1,061
    Donate  
    Originally posted by jberryhill
    But if you are in, say, the Cambodian highlands, then you might consult with a lieutenant of your local warlord to see what he wants this year.
    I don't see a big difference with regard to IRS.

  6. #6
    Account Terminated
    Join Date
    Oct 2002
    Location
    Northeast
    Posts
    3,898
    DNF$
    1,189
    Bank
    0
    Total DNF$
    1,189
    Donate  
    LOL, Options!

    If it's not a "business" (Schedule C/U.S.), Calinbirlean ... and IS a "hobby", you may take losses/expenses on that hobby up to the amount of "income" from that same hobby ... I believe this would all be itemized on the Schedule A along with your other deductions (Real estate taxes, Mortgage interest, Charitable contributions, etc.).
    Again, the BEST thing to do, as I mentioned ... for SPECIFIC tax advise relevant to YOUR situation ... is to discuss the matter with your CPA, or tax professional. IMO.
    Good Luck.

  7. #7
    Philadelphia Lawyer
    jberryhill's Avatar
    Join Date
    Oct 2002
    Posts
    3,020
    DNF$
    6,644
    Bank
    0
    Total DNF$
    6,644
    Donate  
    Do you notice the word "CANADA" under calinbirlean's user ID?

    I doubt s/he is filing a Schedule A... but who knows?

    They don't even use real dollars up there.
    John Berryhill Ph.d., esq.
    John-AT-johnberryhill.com
    Please do not send private messages via dnforum.com, email me directly.

  8. #8
    Platinum Lifetime Member

    Join Date
    Jan 2003
    Location
    Canada
    Posts
    1,302
    DNF$
    1,741
    Bank
    0
    Total DNF$
    1,741
    Donate  
    no right we don't use 'real dollars' but at least we drink real beers....

  9. #9
    Platinum Lifetime Member

    Join Date
    Oct 2002
    Location
    Davie, Fl
    Posts
    224
    DNF$
    1,321
    Bank
    0
    Total DNF$
    1,321
    Donate  
    John - your postings are like fine wine - they are getting better with age - eh?(Canadian)
    Howard Neu, Esq.

  10. #10
    Platinum Lifetime Member

    Join Date
    Jan 2003
    Location
    Canada
    Posts
    1,302
    DNF$
    1,741
    Bank
    0
    Total DNF$
    1,741
    Donate  
    I know and if you live in Quebec is worse.

  11. #11
    Account Terminated
    Join Date
    Oct 2002
    Location
    Northeast
    Posts
    3,898
    DNF$
    1,189
    Bank
    0
    Total DNF$
    1,189
    Donate  

    Lightbulb

    Originally posted by jberryhill
    Do you notice the word "CANADA" under calinbirlean's user ID?
    I doubt s/he is filing a Schedule A... but who knows?

    They don't even use real dollars up there.
    Damn ... sorry about that, Calinbirlean! My bad.
    MOVE to the United States, then re-read my post(s). LOL.
    See you.

  12. #12
    Platinum Lifetime Member

    Join Date
    Jan 2003
    Location
    Canada
    Posts
    1,302
    DNF$
    1,741
    Bank
    0
    Total DNF$
    1,741
    Donate  
    yes...maybe I will...they take almost half from what I make...

    is not right :(

  13. #13
    Account Terminated
    Join Date
    Oct 2002
    Location
    Northeast
    Posts
    3,898
    DNF$
    1,189
    Bank
    0
    Total DNF$
    1,189
    Donate  

    Thumbs down

    Originally posted by calinbirlean
    yes...maybe I will...they take almost half from what I make...

    is not right :(
    What do you have up there ... like "socialism" or something?
    Thanks.

  14. #14
    Platinum Lifetime Member

    Join Date
    Jan 2003
    Location
    Canada
    Posts
    1,302
    DNF$
    1,741
    Bank
    0
    Total DNF$
    1,741
    Donate  
    Yes...they try to be kind of French socialism but.......this is not working for me....it is perfect for bums, slakers....

  15. #15
    Platinum Lifetime Member
    domainduck's Avatar
    Join Date
    May 2002
    Location
    South FL
    Posts
    375
    DNF$
    1,225
    Bank
    0
    Total DNF$
    1,225
    Donate  

    Talking KEEP RECORDS

    Do yourself a very BIG favor and begin keeping good records. Expenses, Profit and Loss, Dates, Buyers, etc.

    Without good records, tax time is not fun.


    quack




    Originally posted by calinbirlean
    I'm doing this as a hobby and some time I make extra money. Now is hard to say how much (I never keep traking of expensis/profit). Some money come via PayPal..other money order...checks...on my name (I don't have a company)

    tks...

  16. #16
    Philadelphia Lawyer
    jberryhill's Avatar
    Join Date
    Oct 2002
    Posts
    3,020
    DNF$
    6,644
    Bank
    0
    Total DNF$
    6,644
    Donate  
    "Yes...they try to be kind of French socialism but.......this is not working for me....it is perfect for bums, slakers...."

    Yeah, I see them all over the place whenever I go to Canada to buy prescription drugs.
    John Berryhill Ph.d., esq.
    John-AT-johnberryhill.com
    Please do not send private messages via dnforum.com, email me directly.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Domain name forum recommended by Domaining.com