Discussion:Breeding Expenses
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Discussion Forum Index --> Tax Questions --> Breeding Expenses
| 15 April 2007 | |
| Hello All,
Just found your site. First time poster. Need help with a dog breeding client. I've read the other threads on breeding but they did not address my concern. From a previous thread, I learned that if a dog is purchased with the intent to breed but the dog is not ready to breed, then depreciation would not begin until the dog is ready (placed in service). If a dog has not yet been placed in service, are expenses such as food and vet cost a deductible business expense? | |
| 7 August 2008 | |
| im considering starting up a side bussiness, breeding english bull dogs.
what can i write off as start up costs? i was thinking i could write off the initial cost of the dogs, vet bills, food, bedding/crates....ect Opening a bussiness account, and keeping all reciepts pertaining to actual costs incurred with this bussiness should be considered a write off,,, right? DouglasC | |
| 7 August 2008 | |
| do a search "dog breeding" in the yellow box
that is what the site is for: search first, ask second (if you are a tax professional) | |
RoyDaleOne (talk|edits) said: | 7 August 2008 |
| I suggest you learn the hobby loss test used by the IRS, and plan to satisfy that test. Just a word of advice.
This suggestion applies to DYI and pros alike. | |
| 7 August 2008 | |
| Reg. 1.183-2. | |
| 8 August 2008 | |
| Let me warn you about something. I got the itch to raise some English Setters. I went through some difficulty in locating two prime specimens, which I purchased, and immediately put into basic training. I worked with them for a few weeks, and man, I felt like I was teaching in the public schools! The dogs were rude and impudent; disrespected me, made funny noises, and intentionally "soiled" my book on dog training.
Well, as it turns out, these dogs were Chinese speakers. Imports! I would never have found out, but I was having some Chinese food delivered, and the dogs struck up a conversation with the delivery boy. If that's not bad enough, later that evening, my house got trashed, my entire set of tax materials was stolen, and I have not seen the dogs or the delivery boy since. I suspect they may have set up practice at an out of the way H&R Brock. So, a word of warning, have your dog checked out, and make sure he's a native English speaker. Don't go by the name alone. | |
Death&Taxes (talk|edits) said: | 12 August 2008 |
| Crow: reading about our new Otter Hound/Old English Sheepdog, I find so many breeds were developed in Merry Old England. They track this one back to the 14th Century, when apparently otter hunting was an Olympic sport [Sir Berefoot Tipton won the gold at Constanz in 1420] so it would be surprising if the dog did not speak English.
Obviously your setters were sent to the Orient during the Opium Wars of the 19th Century and went native there. | |
| 12 August 2008 | |
| We are just recirculating those dogs, huh? Well, I found out that my dogs have left tax preparation for the greener pastures of tax representation. They were advertising on a Chinese language radio station here yesterday. | |
Death&Taxes (talk|edits) said: | 12 August 2008 |
| Maybe they should get into Cost Segmentation? Must be popular; it is all over this site. | |
