How to declare income from selling a website
I have gotten conflicting answers from an accountant and a preparer to this and the IRS site is about useless. Also tax software does not seem to cover this except to say copyrights and literary work fall under Schedule D which IMO a website would fall under this.
I sold a website in 2006. It's only asset was it's intellectual property. Nothing but the website was transfered as part of the sale.
One person tells me I can just write it down on a Schedule D just like selling a stock and make the cost basis the cost of the domains involved. Another tells me I have to fill out endless forms to declare the value of each asset sold which would only be the website and domains. Does anyone here have any experience selling a developed website here that can tell me how they filed it?
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