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Old 01-28-2003, 01:05 PM   #1 (permalink)
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what I have to do now? TAX time?

TAX Time is comming...should I declare any profit from buy/sell domain names?
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Old 01-28-2003, 01:56 PM   #2 (permalink)
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Lightbulb Re: what I have to do now? TAX time?

Quote:
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.
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Old 01-28-2003, 02:22 PM   #3 (permalink)
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"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.
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Old 01-28-2003, 02:30 PM   #4 (permalink)
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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...
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Old 01-28-2003, 03:05 PM   #5 (permalink)
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Quote:
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.
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Old 01-28-2003, 04:05 PM   #6 (permalink)
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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.
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Old 01-29-2003, 12:25 AM   #7 (permalink)
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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.
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Old 01-29-2003, 12:30 AM   #8 (permalink)
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no right we don't use 'real dollars' but at least we drink real beers....
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Old 01-29-2003, 09:01 AM   #9 (permalink)
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John - your postings are like fine wine - they are getting better with age - eh?(Canadian)
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Old 01-29-2003, 09:04 AM   #10 (permalink)
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I know and if you live in Quebec is worse.
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Old 01-29-2003, 09:19 AM   #11 (permalink)
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Lightbulb

Quote:
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.
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Old 01-29-2003, 09:21 AM   #12 (permalink)
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yes...maybe I will...they take almost half from what I make...

is not right :(
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Old 01-29-2003, 09:33 AM   #13 (permalink)
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Thumbs down

Quote:
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.
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Old 01-29-2003, 09:38 AM   #14 (permalink)
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Yes...they try to be kind of French socialism but.......this is not working for me....it is perfect for bums, slakers....
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Old 01-29-2003, 11:23 AM   #15 (permalink)
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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




Quote:
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...
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Old 01-30-2003, 08:10 PM   #16 (permalink)
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"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.
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