I am an international student in the US. I get paid by my employer (the university) and pay taxes. I want to sell the domains I own. Does anyone know which form I am supposed to fill in? I contacted godaddy customer service, but the reply wasn't really clear.
Please note that I am NOT a tax professional of any sorts, and this isn't intended as tax / legal advice. Please complete your own due diligence -- speaking with a tax professional in your state would probably be the safest bet. 🙂
That said, see the "Self-Employment Income" section on the IRS website at https://www.irs.gov/uac/Reporting-Miscellaneous-Income.
"Use Form 1040, Schedule C, Profit or Loss from Business, or Form 1040, Schedule C-EZ, Net Profit from Business (Sole Proprietorship) to report income and expenses. Taxpayers will also need to prepare Form 1040 Schedule SE for self-employment taxes if the net profit exceeds $400 for a year. Do not report this income on Form 1040 Line 21 as Other Income.
Independent contractors must report all income as taxable, even if it is less than $600. Even if the client does not issue a Form 1099-MISC, the income, whatever the amount, is still reportable by the taxpayer.
Fees received for babysitting, housecleaning and lawn cutting are all examples of taxable income, even if each client paid less than $600 for the year. Someone who repairs computers in his or her spare time needs to report all monies earned as self-employment income even if no one person paid more than $600 for repairs."