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We have farm animals and expenses, they are not for profit can I claim them and the expenses?
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We have farm animals and expenses, they are not for profit can I claim them and the expenses?
If you are not operating a farm for profit, you cannot claim the farm animals and the related expenses.
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We have farm animals and expenses, they are not for profit can I claim them and the expenses?
what if we purchased them for breeding and then later decide to sell them at auction?
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We have farm animals and expenses, they are not for profit can I claim them and the expenses?
It depends. If you are doing it with a profit motive, then you can report this as a farming business and claim the cost of the animals and the related expenses. If this is a hobby, then you can only claim expenses up to the amount of your income.
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We have farm animals and expenses, they are not for profit can I claim them and the expenses?
Thank you