Sold a website - tax question

Discussion in 'General Business' started by Chris-777, Sep 11, 2008.

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  1. #1
    Hi folks,

    I recently sold one of my websites, and am unsure about how I will be taxed on it. It was just a forum with adsense, no commerce or sale items or anything of the sort. I live in Massachusetts - do I file this as normal income, or will I pay CGT on it? I did file a personal 1099 for Adsense revenue last year.

    Any insight would be much appreciated. Thanks!
     
    Chris-777, Sep 11, 2008 IP
  2. kboostrom

    kboostrom Peon

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    #2
    You should really consult a CPA (Certified Public Accountant) Here's a number to a great fellow in North Attleboro MA. Robert Champagne 508-643-2034. Good Luck. - kb
     
    kboostrom, Sep 11, 2008 IP
  3. mentos

    mentos Prominent Member

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    #3
    IMO
    you must file this under normal income coz it fall under that category
     
    mentos, Sep 11, 2008 IP
  4. micksss

    micksss Notable Member

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    #4
    Just report the sale as revenue. The expenses would be whatever you put into the website. The income to be taxed is revenue minus expenses.
     
    micksss, Sep 11, 2008 IP