tax question

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  • Kard63
    Confirmed User
    • Nov 2003
    • 8944
    #1

    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.
    Tags: None
    • baddog
      So Fucking Banned
      • Apr 2001
      • 107089
      #2
      What country do you live in?

        Comment

        • Sly
          Let's do some business!
          • Sep 2004
          • 31377
          #3
          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

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            Comment

            • mrkris
              Confirmed User
              • May 2005
              • 2737
              #4
              Hardware over X years, domains are instant. Atleast, that's why MY accountant did.

              PHP-MySQL-Rails | ICQ: 342500546

                Comment

                • xanx
                  Confirmed User
                  • Apr 2002
                  • 3711
                  #5
                  Stop asking on GFY and speak to a professional like Wesley Snipes, he will let you know how to file correctly

                    Comment

                    • DigitalPimp
                      Confirmed User
                      • Jun 2003
                      • 512
                      #6
                      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.

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                        • D Ghost
                          null
                          • May 2006
                          • 9820
                          #7
                          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

                            Comment

                            • Kard63
                              Confirmed User
                              • Nov 2003
                              • 8944
                              #8
                              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.

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