what I have to do now? TAX time?

[taz]

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

 

[CoolHost.com]

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.

 

[jberryhill]

"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.

 

[taz]

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...

 

[options]

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.

 

[CoolHost.com]

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.

 

[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.

 

[taz]

no right we don't use 'real dollars' but at least we drink real beers....

 

[HOWARD]

John - your postings are like fine wine - they are getting better with age - eh?(Canadian)

 

[taz]

I know and if you live in Quebec is worse.

 

[CoolHost.com]

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.

 

[taz]

yes...maybe I will...they take almost half from what I make...

is not right

 

[CoolHost.com]

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.

 

[taz]

Yes...they try to be kind of French socialism but.......this is not working for me....it is perfect for bums, slakers....

 

[domainduck]

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...

 

[jberryhill]

"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.