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cygy2k · #1 11-16-2008, 11:00 PM

I started a message board 3 years ago and sold 75% stake in it earlier this year. Since there are no physical assets changing hands (other than lease agreement for hosted server), what type of tax considerations should I be aware of when filing my personal income taxes next year?

Note - I'm in the United States.

Roms · #2 11-16-2008, 11:07 PM

If it's under $1000 don't worry about it. If it's over file it as Misc income, and use the Misc form...

cygy2k · #3 11-16-2008, 11:14 PM

It's $40,000 so it's a pretty good chunk. I read some things about selling small businesses but they all revolve around physical assets and none deal with keeping partial ownership. I may just have to suck it up and hire an accountant this time around.

If anybody has dealt with this or is a tax expert, please feel free to PM me

Roms · #4 11-16-2008, 11:33 PM

Yeah, as it's that high of an amount you a wise to hire an accountant..

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