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Author Topic: Taxes  (Read 1573 times)

Chuckles450

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Taxes
« on: August 13, 2015, 05:52:12 pm »
Here's a question for you folks smarter than me (probably everyone). Can breeding stock be tax deductible?
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  • Charley Austin

EmsoffLambs

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Re: Taxes
« Reply #1 on: August 13, 2015, 06:04:09 pm »
Yes, if you file it as a business all farm expenses qualify as tax deductions IF you are running it as a business (as in trying to make a profit).
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  • Crystal Emsoff
Breeder of quality club lambs in Northern California

Chuckles450

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Re: Taxes
« Reply #2 on: August 13, 2015, 06:33:07 pm »
I see. And how does one go about doing that?
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  • Charley Austin

EmsoffLambs

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Re: Taxes
« Reply #3 on: August 13, 2015, 07:29:15 pm »
Find a good tax consultant who is experienced with farms/ranches. As ranchers in your area who they use and recommend.
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  • Crystal Emsoff
Breeder of quality club lambs in Northern California
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