Reptile & Amphibian Forums

Welcome to kingsnake.com's message board system. Here you may share and discuss information with others about your favorite reptile and amphibian related topics such as care and feeding, caging requirements, permits and licenses, and more. Launched in 1997, the kingsnake.com message board system is one of the oldest and largest systems on the internet.

IRS Question

fgs Feb 20, 2008 09:58 PM

I'm doing my Federal Income Taxes for my snake business.

I've run into a problem. I don't know how to account for the loss of animals that have died in 2007.

Is there anyone that can help me determine how to list them ie, is there an IRS form I need to fill out and if so which one.

Thanks

Brian

-----
Brian Gundy

www.for-goodness-snakes.com

Replies (2)

TerryHeuring Feb 21, 2008 11:31 AM

They will fall under your profit and loss statement as would any other loss.

nickstark Feb 21, 2008 06:15 PM

With ours the accountant filed form 4797 since the animal had been on a depriciation table so the whole cost couldn't be deducted just the amount remaining on the depriciation. Taxes are a pain that is why I am glad I have accountant for a friend.

-Nick

You can format your posts and signature using BBCode. Here are some common examples:

You type	Result
`[b]Bold text[/b]`	Bold text
`[i]Italic text[/i]`	Italic text
`[u]Underlined[/u]`	Underlined
`[url]https://kingsnake.com[/url]`	https://kingsnake.com
`[url=https://kingsnake.com]Kingsnake[/url]`	Kingsnake
`[img]https://example.com/image.jpg[/img]`	Displays the image at that address.
`[color=green]Green text[/color]`	Green text
`[quote]Quoted text[/quote]`	Formats a quoted block of text.

Keep things readable and family‑friendly; staff may edit signatures or posts that affect thread readability.

Support

Help, tips & resources quick links

Manage

Manage your user and advertising accounts

Register For A User Account Login to MyAccount Manage Your Classified Account Manage Your Banner Account Manage Your Business Directory Account Manage your Photo Gallery Account

Purchase

Advertising and services purchase quick links

Purchase a classified account$ varies Renew a classified account$ varies Purchase a business directory listing$50/yr Purchase a banner advertisement$ varies Free Expo Event listingFree! Purchase a standard event listing$25/listing Pay an open invoice

Are you registered?

To advertise here using a business name you must have your legal business name registration verified. Click for details on the program or to register your business FREE!