Tax?

[bahh]

How much do you have to pay in tax if you sell a website or a domain in the states?

[themike537]

I'd think you'd just count it as profit on your business. Like if you have $20k profit so far on the year, then sell it for $5k, you'd just count it as having made $25k on the year then pay income taxes on that.

[bahh]

How high is the income tax in the U.S.?

[themike537]

Between state and federal, I'm paying almost 40%...

[bahh]

40%??? Thats even higher than what we are paying in Sweden.. Thought we had one of the highest income taxes in the world.

[themike537]

Well New York has one of the worst state taxes in the nation I know, so that's what's causing the problem.

[bahh]

What do you have to pay for freelance work outside the U.S.? Still 40% or even more?

[themike537]

I wouldn't even know, I just treat it as a normal business expense.