Sale of website

What is the name of your state? Arizona

Hello,
I posted this in another section, so I apologize if it was in the wrong place. I own several websites with their respective domains. I am considering selling one of these domain/websites. The question: I consider the website/domain to be an "Intangible asset" as it is not a business, and has never produced a red cent. If I were to sell this would I be liable for any taxes to the IRS and if so what IRS form would have to be filed by myself or the purchaser?
Thanks

[abezon]

Your income is the difference between what you paid for the domain names and what you sell them for. If you are in the business of acquiring & selling domain names, your income is business income & you'll file a Schedule C & pay income & self-employment taxes on the profits. If you bought the domains as an investment, your income is capital gains and you file Schedule D.

Hi,
Thanks for the answer. To clarify it a little - I started the domain in question over 5 years ago purely as a hobby. I have never sold a domain before. The domain has been active and on the web for the 5 years and like I said before it is not a business and no income has ever come from it nor have I ever tried to get any money from it. So if I am reading it right I must file Schedule D? Will the purchaser's accountant have to file a 1099 for me? If so which 1099 should be filed? The purchaser is a corporation and I am just an individual.
Thanks again

[abezon]

Schedule D; the purchasor will need your SSN if it plans to file a 1099-MISC. If they are filing a 1099-MISC, be sure the proceeds are reported as other income, box 3, not as non-employee compensation in box 7.