They've cost over $4000 in two months.
2007-01-25 09:34:53 · 4 answers · asked by yogidog 2 in Business & Finance ➔ Taxes ➔ United States
I know how you feel. I think pet owners should lobby for pet exemptions just like there are exemptions for children. Are there any presidential candidates with this on their agenda?
Let's say you're trying to start a dog breeding business, though. You might be able to deduct your expenses (losses) on Schedule F of form 1040 (farm income/loss) for up to 3 years. Then, If after 3 years you're still not turning a profit, the losses would be "hobby" losses and not deductible.
2007-01-25 11:06:53 · answer #1 · answered by T G 2 · 0⤊ 0⤋
Nope. Hobby losses are not deductible although hobby profits ARE taxable. Vet bills aren't deductible unless you are a running a genuine business and the bills are a legitimate business expense.
2007-01-25 10:10:09 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
With hobbies, you can only deduct expenses to the extent of your income from the hobby. This means you can offset what money you earned from the hobby, but cannot generate a loss. So if you did not earn any money from your two dogs (i.e. being a dog breeder or earning money from dog show winnings, etc.) you cannot deduct any of your expenses related to the dogs.
2007-01-25 10:36:03 · answer #3 · answered by jseah114 6 · 1⤊ 0⤋
No.
First of all, vet bills are not deductable.
Secondly, hobby losses are not deductable.
2007-01-25 09:40:50 · answer #4 · answered by Wayne Z 7 · 1⤊ 0⤋