Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
rmcm6
New Member

My wife started a dog breeding business so how do we show our expenses and money lost?

The dog required regular vet checks as well as an emergency room visit to an animal hospital. That expense was over $1300.00 there was also the required vaccinations and feeding expenses for 9 weeks that the remaining puppies stayed with us. Total loss in this whole experience was about $2000.00. Would it be worth the time and added expense to file and claim this loss and if it is worth the time how do we do that?
1 Reply
PatriciaV
Expert Alumni

My wife started a dog breeding business so how do we show our expenses and money lost?

Unfortunately, the IRS generally views dog breeding as a hobby and not a business. You may only deduct hobby expenses equal to hobby income. You cannot take a loss on a hobby.

To enter this in TurboTax, search on "hobby income, loss" and click the jump-to link to go to the start of that section.

If you believe that you are in this business with a profit motive, you may report the income and expenses on Schedule C, available in TurboTax Self-Employed

See these two articles for more on how the IRS determines if your activity is a hobby or a business:

Dynamic AdsDynamic Ads
Privacy Settings
v