Question on taxes

[Alphathree33]

If someone buys something from me for $X, does that count as "income" and as such is subject to "income tax"?

Is this true in all cases?

What if someone buys the rights to some software I've written?
What if someone buys my house?

Does the buyer have to pay sales tax and I have to pay income tax?

 

[ElFenix]

what you're describing sounds like a cash flow tax.

the income tax only taxes gain above your basis.

so, your basis in your house is whatever you paid for it, everything else is gain, or income.

software you don't have a basis in, you generated that content entirely from scratch, so it is all income.

sales tax is a state thing, you'd have to check the state to find out about that.

 

[KLin]

http://forums.anandtech.com/messageview...atid=38&threadid=1981972&enterthread=y