I've been operating as a sole proprietor. I usually buy a few websites each year for their income. I fix them up, improve them, and hopefully increase the income or create income when there was none before. I typically hold them for more than a year. I've been treating these purchases as expenses and deduct the entire thing in the tax year I bought them. I just realized I probably should treat them like assets and not expenses, any opinions on that? And if so, should I amend all my previous tax returns or start anew?
You'll need to sign in or create an account to connect with an expert.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
dlarzik
New Member
chazzsmith2002
New Member
carolynpaine
New Member
uzonduisrael
New Member
antoniovaz
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.