Someone of you who may have been visitors to my previous website TravelBlogs.com
may have noticed there's been little activity in the last 7 months. That's because I sold it this summer to a couple of Norwegians who are taking their time redesigning it for their own platform (and just taking in the ad revenue in the meantime).
But my question is this: How do I declare the $ I got for the website? I'm hoping this counts as a capital gain rather than regular income. If so, what do I count as the basis for the asset? The $8 I paid to register it back in 2001 or do I count it as selling a business (which is true, it was a lot more than a pretty domain, I put a lot of work into it over the years) and if so does that still count as a capital gain and what do I use as the basis?
I have to file both US and Canadian taxes
so advice appreciated from either side of the 49th. And I usually do it all myself.
And if I end up selling my new websites (below in my signature) should I be doing anything different now to prepare for that?