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Originally Posted by livingdustmops  Yes it would be interesting to open his books. I will also say I am guessing most Hobby breeders do not claim any taxes on the $$$ they earn selling dogs or a lot of it is big lies.
Again if my hobby was knitting sweaters and I sold one for $500 I would have to declare income on it...how many Hobby breeders do you think do this? |
If they keep proper records for the AKC they could be in trouble if they are audited.
With hobby breeders the bigger issue is whether or not you can claim your loss against your other income. if you claim it as a hobby you cannot, if you claim it as a business than you can.
I would also be interested to know how much hobby income is claimed for any hobby.