can there be tax if i sell a website?
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boris
Apprentice
Joined: 09 Jan 2007
Posts: 19
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 Posted: 09/14/07 - 04:13 Post subject: |
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| Hello, I have had a website promoting my favorite sports club for a couple of years now. Unfortunately I dont have so much time any more to spend updating it, and I would like to sell either the whole website or the domain name. How does this work? Can there be tax on selling a website? |
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ravid
Apprentice
Joined: 04 Jun 2006
Posts: 13
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| Posted: 10/10/07 - 23:11 Post subject: |
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| Hi. Yes, it is possible to be taxed on the sale of your website. You should declare it as income, and this is taxable. You can avoid this by "donating" your site, and taking a "symbollic" compensation for the work you have done on it. Your best bet might be finding a friend or co-fan of your sports club that you already have good contact with. He'll understand that you want some compensation for letting the site go after much hard work, I guess. There is almost always a way round a problem - that goes for tax, too! |
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