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Domain Discussion
General Domain Name Discussion
Assistance In Reporting Domain Lease Revenue For Income Tax In Canada
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<blockquote data-quote="Skinny" data-source="post: 2229463" data-attributes="member: 84677"><p>Hello fellow Canadians!</p><p></p><p>I'm trying to figure out reporting domain revenue for income tax purposes in Canada.</p><p></p><p>I understand that advice here doesn't replace a lawyer or an accountant, but since domaining isn't clear to those outside of our group I thought I'd ask here first. </p><p></p><p>This would be added to my personal tax as I haven't set up a separate business yet.</p><p></p><p>So I have two scenarios I'm dealing with this year:</p><p></p><p><strong>1) A straight up sale </strong>(e.g. Bought for $100, sold for $500 = $400 in profit.)</p><p>I figure this is reported as a capital gain.</p><p></p><p><strong>2) A domain lease to own</strong> (e.g. Bought for $100, sold for $200 with $50/yr = -$50)</p><p>I figured this is a capital loss of $50.</p><p></p><p>Therefore a total capital gain of this year of $400 - $50 = $350</p><p></p><p>I'm also confused what I would do for next year if I reported it like this?</p><p></p><p>Am I able to carry over my $50 loss over from this year to next year (and have a net gain of $0) for 2016.</p><p></p><p>Does this make sense or am I missing something?</p><p></p><p>Thanks everyone!</p></blockquote><p></p>
[QUOTE="Skinny, post: 2229463, member: 84677"] Hello fellow Canadians! I'm trying to figure out reporting domain revenue for income tax purposes in Canada. I understand that advice here doesn't replace a lawyer or an accountant, but since domaining isn't clear to those outside of our group I thought I'd ask here first. This would be added to my personal tax as I haven't set up a separate business yet. So I have two scenarios I'm dealing with this year: [B]1) A straight up sale [/B](e.g. Bought for $100, sold for $500 = $400 in profit.) I figure this is reported as a capital gain. [B]2) A domain lease to own[/B] (e.g. Bought for $100, sold for $200 with $50/yr = -$50) I figured this is a capital loss of $50. Therefore a total capital gain of this year of $400 - $50 = $350 I'm also confused what I would do for next year if I reported it like this? Am I able to carry over my $50 loss over from this year to next year (and have a net gain of $0) for 2016. Does this make sense or am I missing something? Thanks everyone! [/QUOTE]
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Domain Discussion
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Assistance In Reporting Domain Lease Revenue For Income Tax In Canada
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