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dandk91709
New Member

We have farm animals and expenses, they are not for profit can I claim them and the expenses?

 
4 Replies
MinhT
Expert Alumni

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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dandk91709
New Member

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?
MinhT
Expert Alumni

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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dandk91709
New Member

We have farm animals and expenses, they are not for profit can I claim them and the expenses?

Thank you
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