Sold 75% of message board - tax implications?

[cygy2k]

I started a message board 3 years ago and sold 75% stake in it earlier this year. Since there are no physical assets changing hands (other than lease agreement for hosted server), what type of tax considerations should I be aware of when filing my personal income taxes next year?



Note - I'm in the United States.

[Roms]

If it's under $1000 don't worry about it. If it's over file it as Misc income, and use the Misc form... :)

[cygy2k]

It's $40,000 so it's a pretty good chunk. I read some things about selling small businesses but they all revolve around physical assets and none deal with keeping partial ownership. I may just have to suck it up and hire an accountant this time around.

If anybody has dealt with this or is a tax expert, please feel free to PM me:)

[Roms]

Yeah, as it's that high of an amount you a wise to hire an accountant..