Hi all. Im sorry if this is already being discussed somewhere but I did not see it yet so I will start this thread.
How do people account for the buying and sellig of domains? I see it as having 3 possibilities:
1) Domain name is an asset that you buy and then dispose of - for a capital gain (or loss)
2) A domain name is a marketing expense of owning a website which at some point you may build and then dispose of
3) A domain name is part of the cost of building a website and if one is a web developer, then it would be considered a Cost of Goods Sold item and thus an expense also.
Does anyone have any experience in this? Also a Canadian perspective would be helpful since I'm a Canuck.
Thanks all!
How do people account for the buying and sellig of domains? I see it as having 3 possibilities:
1) Domain name is an asset that you buy and then dispose of - for a capital gain (or loss)
2) A domain name is a marketing expense of owning a website which at some point you may build and then dispose of
3) A domain name is part of the cost of building a website and if one is a web developer, then it would be considered a Cost of Goods Sold item and thus an expense also.
Does anyone have any experience in this? Also a Canadian perspective would be helpful since I'm a Canuck.
Thanks all!