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.
I am working on my IRS taxes for my snake business.
In 2007 a few of my snakes passed on. As I'm working on my taxes I'm wondering if I can declare the deaths of these snakes as a loss. If I can which form do I need to fill out.
Thanks in advance for your help.
Brian
-----
Brian Gundy
www.for-goodness-snakes.com
The best is to deal with a tax expert for advice. However, you are better off following cash basis accounting, the outflow of cash would reduce your reportable income. Following accrual accounting gets more difficult since how do you prove in an audit that you "lost" the animal.
Something to thing about.
-----
================================
www.richcrowleyreptiles.com
Support your local herp society
www.chicagoherp.org
If it was bought you can write it off as a death. If you raised it from an egg you had laying around....you can't. This is what other farmers go through i.e. cattle ect. Be sure to check before you do this, but I do taxes for a living and thats what I've always been told.
Help, tips & resources quick links
Manage your user and advertising accounts
Advertising and services purchase quick links
