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Thread: Paying taxes on gecko sales?

  1. #11
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    I have always wondered. When an animal that you may have in your inventory dies for an unknown reason, can you write that off as a business loss? Can you incorporate any of the future earnings that breeder may have had too? I seem to get different answers every time I ask this which is why I like asking it so much.

  2. #12
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    some good info on the selling of geckos. was starting to wonder on how this stuff worked for taxes and whatnot.
    Crested Geckos-somewhere around 118 and 7 eggs cooking
    Leachies (GT and Nuu Ana mixes) 1.2
    Eurydactylodes Agricolae 1.0
    Rhacodactylus auriculatus 0.1.2
    http://www.facebook.com/ntfall.arboreals
    http://www.iherp.com/nightfallarboreals

  3. #13
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    I am with Matt, and it is the process I use. I have gallon ziplock bag all receipts/invoices for feed go into and a 5 pocket organizer for animals purchases/expenses. At the end of the year the feed receipt bag get the year written on it and I leave animals receipts in the organizer unless I traded, sold, or died.

  4. #14
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    Quote Originally Posted by Talkenlate04 View Post
    I have always wondered. When an animal that you may have in your inventory dies for an unknown reason, can you write that off as a business loss? Can you incorporate any of the future earnings that breeder may have had too? I seem to get different answers every time I ask this which is why I like asking it so much.
    I asked my accountant something similar a couple of years ago, and he said no I couldn't write one off if it dies. I don't remember the exact explanation but it had something to do with when you first purchase it you can write off that expenditure, but you can't write off the value again when it dies.

    Most businesses don't have inventory that reproduces either. So if one dies that you produced you can't write off a hypothetical value for it, your expense on that was whatever it cost you to produce it which would be accounted for in your food, caging, cleaning supplies, etc.

    I hope that made some kinda sense, it's all a bit confusing.

  5. #15
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    Ahh yes no I forgot about all that. I was told the same thing by my accountant, she just kept talking and talking and at some point my brain hit over load and I stopped retaining what she was saying. I forgot that the initial purchase can be written off.

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