tax question - GoFuckYourself.com

Kard63 · 04-26-2008, 09:43 PM

My accountant made me expense all my domains over 15 years or some shit like that. I think I explained things to her poorly. Is this normal ? I never really cared before but I bought a few pricier ones and wanted to write that shit off right away.

baddog · 04-26-2008, 09:46 PM

What country do you live in?

Sly · 04-26-2008, 09:57 PM

Does she specialize in businesses?

I've heard from some people really strange stories that their accountants have told them... makes me think one should really seek out accountants that have extensive knowledge and experience in dealing with businesses.

mrkris · 04-26-2008, 10:17 PM

Hardware over X years, domains are instant. Atleast, that's why MY accountant did.

xanx · 04-26-2008, 11:26 PM

Stop asking on GFY and speak to a professional like Wesley Snipes, he will let you know how to file correctly

DigitalPimp · 04-26-2008, 11:52 PM

In the US my understanding is if you are in the business of reselling domains it is treated as inventory and its cost is expensed when it is resold. Otherwise if it is being used to make money it is considered a 1231 asset that can be amortized over 15 years. The yearly registration or renewal fees can probably be deducted when they are paid. If an asset and it is ever sold for more than you bought it for, I suspect one will have to pay captial gains tax.

D Ghost · 04-27-2008, 02:18 PM

Quote:

Originally Posted by xanx

Stop asking on GFY and speak to a professional like Wesley Snipes, he will let you know how to file correctly

hahaha lol

Kard63 · 04-27-2008, 05:58 PM

Quote:

Originally Posted by DigitalPimp

In the US my understanding is if you are in the business of reselling domains it is treated as inventory and its cost is expensed when it is resold. Otherwise if it is being used to make money it is considered a 1231 asset that can be amortized over 15 years. The yearly registration or renewal fees can probably be deducted when they are paid. If an asset and it is ever sold for more than you bought it for, I suspect one will have to pay captial gains tax.

This is exactly what she said. Thanks.

04-26-2008, 09:43 PM	#1
Kard63 Confirmed User Join Date: Nov 2003 Location: 237 619 975 Posts: 8,944	tax question My accountant made me expense all my domains over 15 years or some shit like that. I think I explained things to her poorly. Is this normal ? I never really cared before but I bought a few pricier ones and wanted to write that shit off right away. __________________

04-26-2008, 09:57 PM	#3
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,328	Does she specialize in businesses? I've heard from some people really strange stories that their accountants have told them... makes me think one should really seek out accountants that have extensive knowledge and experience in dealing with businesses. __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Windows VPS now available Great for TSS, Nifty Stats, remote work, virtual assistants, etc. Click here for more details.

04-26-2008, 10:17 PM	#4
mrkris Confirmed User Join Date: May 2005 Posts: 2,737	Hardware over X years, domains are instant. Atleast, that's why MY accountant did. __________________ PHP-MySQL-Rails \| ICQ: 342500546

04-26-2008, 09:46 PM	#2
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	What country do you live in?

04-26-2008, 11:26 PM	#5
xanx Confirmed User Join Date: Apr 2002 Location: Orlando, FL Posts: 3,711	Stop asking on GFY and speak to a professional like Wesley Snipes, he will let you know how to file correctly

04-26-2008, 11:52 PM	#6
DigitalPimp Confirmed User Industry Role: Join Date: Jun 2003 Location: Los Angeles, CA Posts: 512	In the US my understanding is if you are in the business of reselling domains it is treated as inventory and its cost is expensed when it is resold. Otherwise if it is being used to make money it is considered a 1231 asset that can be amortized over 15 years. The yearly registration or renewal fees can probably be deducted when they are paid. If an asset and it is ever sold for more than you bought it for, I suspect one will have to pay captial gains tax.