Dog breeding and taxes...I'm a CPA and a tax expert (wife)
Like 1 Dislike 0 Published on 18 Sep 2017
My husband incurred the costs and gained the revenue so it is important to make the distinction about who is the income assigned..and I briefly went into the distinction about self employment vs hobby income. Now, I may not be an expert on dogs, and I may not be an expert on breeding, but I, most, certainly, am an expert on taxes (and will go toe to toe with anyone on that...former partner, did IRS and state representation...you got in trouble, you sent me...and I went alone ) so for those wanting a bit guidance on this, this is a video for you. Do not think that you use the term adoption you are not required to report or the fact that you expenses surpassed your income you don't have to report. Wrong on both counts. This is the biggest mistake I have seen. And you are not in compliance on your taxes. If you earned one dollar you are required to report....Period. No document, still required to report. If you said you did a rehoming fee...still required to report...I hope I am clear. Just because you have never been asked does not make you right. And if you do get asked, you will not sleep well if you never reported. So how about we talk about the proper way to handle this. If you are wanting more questions answered, please submit a comment.
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Disclaimer, this is for information purposes only and not deemed tax advice.