Ive had a website I made profit from for 15 years. It started to decline over the last 6 or 7 years and I was losing a bit of money on it with server costs and putting in my own time. I got an offer for 30k from someone who wanted the domain name.
So I sold.
Im not sure if this is a capital gain or not. I get that I need to pay some taxes on it but dont think its fair I should pay as if Im flipping domains OR that Ive only paid maybe a total of $800 for the cost of the domain over 15 years and sold for 30k
Its not like I made a profit of $29,200 from the $800 I paid because so much more took place over 15 years and it was a business
Was told fill out form 4797 but I think thats just for property.
I file as sole proprietor....
Any ideas how I go about this?
