making some $$$, what's the tax situation?

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making some $$$, what's the tax situation?

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10-24-2005, 02:26 AM

Erwin

Join Date: Jan 2002

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Quote:

Originally Posted by dennisuello

I've set up a subscription on my site, and it already pays for hosting and forum software, but there's some extra profit. Has anyone claimed this on their taxes? This was started as my personal site, but grew to over 250 members in the past 8 months.

You can only claim hosting costs as a tax deduction if you pay taxes on the profits as well.

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