I'm sure I read somewhere on this forum that members were able to claim domain purchases as a tax deduction. Not sure how that works as the advice I had in the situation I put to my tax person was:
1. - set up a family trust
2. - set up a new website
3. - purchase an existing domain name in the thousands of dollars
and I was told I could not claim the purchase of the domain name as a tax deduction and that the domain name purchase would be seen as a capital gain/loss if and when the website was sold.
While I realise members are not tax experts, I'm certainly interested in your thoughts on this.
1. - set up a family trust
2. - set up a new website
3. - purchase an existing domain name in the thousands of dollars
and I was told I could not claim the purchase of the domain name as a tax deduction and that the domain name purchase would be seen as a capital gain/loss if and when the website was sold.
While I realise members are not tax experts, I'm certainly interested in your thoughts on this.