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CGCPA
CGCPA, CPA
Category: Tax
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Hello, About five years ago I purchased an internet discussion

Resolved Question:

Hello,

About five years ago I purchased an internet discussion forum(similar to http://www.suzukiatvforums.com/) for $200. Recently, I was offered $16,000 for the forum. I was wondering if I am able to claim the gains as capital gains versus claiming it as regular income.

Thanks...
Submitted: 6 years ago.
Category: Tax
Expert:  CGCPA replied 6 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

You can claim this as a capital gain. It is the sale of a business rather than the ongoing operation of that business.

 

If you need additional assistance, please feel free to ask.

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