What is the name of your state? California
Hi,
I recently sold an internet domain name for a large sum (over $100,000). I bought this domain name ten years ago and it has slowly increased in market value at an incalcuable rate until now. My question is - Is the price I was paid for the domain name considered income? It was the sale of an asset that already carried that value. I'm not sure how to declare the sale, or if there's even a way that I can without taking a bath in taxes.
Thanks in advance for any advice...
Hi,
I recently sold an internet domain name for a large sum (over $100,000). I bought this domain name ten years ago and it has slowly increased in market value at an incalcuable rate until now. My question is - Is the price I was paid for the domain name considered income? It was the sale of an asset that already carried that value. I'm not sure how to declare the sale, or if there's even a way that I can without taking a bath in taxes.
Thanks in advance for any advice...