Tax Advice Needed: Sale of Domain

[briannajoy]

What is the name of your state? Oregon

I don't know a lot about this but I'm trying to help out my ex.


My ex was filing his taxes, he hasn't filed yet because last year he sold a domain name for 30k. They reported the income of course via a 1099 misc tax form, it said on the form that it had to be declared as one of 3 different things, wages not reported otherwise, farming, or self employment. I'm wondering, because it was the sale of a domain is there any way it's exempt or any way he can work with this?

Thanks!

 

[Some Random Guy]

Its money he reveived. That's all taxable income unless you have a significant cost of goods sold. Did he originally buy the domain from GoDaddy for $6.99 or did he pay somebody else $20,000 for it?

 

[LdiJ]

What is the name of your state? Oregon

I don't know a lot about this but I'm trying to help out my ex.


My ex was filing his taxes, he hasn't filed yet because last year he sold a domain name for 30k. They reported the income of course via a 1099 misc tax form, it said on the form that it had to be declared as one of 3 different things, wages not reported otherwise, farming, or self employment. I'm wondering, because it was the sale of a domain is there any way it's exempt or any way he can work with this?

Thanks!

Actually, I would be likely to treat that as a capital gain rather than any of the above. He sold an asset. What box on the 1099 misc contains the amount?