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#59815 - 01/27/07 08:32 AM selling fur and taxes
bowslinger Offline
trapper

Registered: 12/23/06
Loc: moravia newyork
i was wondering if u sell fur to a buyer do u have to clam it as in come on your taxes

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#59817 - 01/27/07 08:33 AM Re: selling fur and taxes [Re: bowslinger]
Paul Dobbins Offline
"Trapperman custodian"

Registered: 12/22/06
Loc: Goldsboro, North Carolina
Yes, its considered income.
_________________________


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#59818 - 01/27/07 08:34 AM Re: selling fur and taxes [Re: Paul Dobbins]
CharlesKS Offline


Registered: 12/23/06
Loc: Kansas,32,6-1,220,B/B NS
uh oh....

charles

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#59860 - 01/27/07 09:07 AM Re: selling fur and taxes [Re: CharlesKS]
Anonymous
Unregistered

That's why it is important to keep track of expenses if you are going to rack up catches that run into the thousands of dollars. Mileage running your line. Mileage scouting new trapping ground. Cost of traps, bait, lures, and equipment. Once your trapping no longer is just a hobby with expenses that exceed your income, you definitely need to keep track of these things.

When guys on here post their season catches, I do a little mental arithmetic and figure out how much money they made on their season's catch. Does everyone do this, or is it just me? For instance, I think I estimated Cathryn's catch at around $2500. Some guys don't post their catches on here. I won't question their motives. If you'll notice, I don't post mine.

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#59889 - 01/27/07 09:48 AM Re: selling fur and taxes [Re: ]
Gary Benson Offline
trapper

Registered: 12/23/06
Loc: Cambridge Nebraska
I'm sure all trappers report trapping income faithfully.....I've been trapping for 40 yrs and still don't catch anything........
_________________________
Bacon and eggs.....a days work for a chicken....a lifetime commitment for a pig.

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#59986 - 01/27/07 11:03 AM Re: selling fur and taxes [Re: ]
Trophyhunter Offline
"Reformed Scab Picker"

Registered: 12/23/06
Loc: Michigan
don't you have to make over $750 dollars or something like that? CPA should answer this one, or I can call mine. I know I took a loss this year, spent about $700 and made about $250...so maybe I should report...lol
_________________________
I survived the death clutch of Boss Hog, and am now here for my 3rd tour of duty on Tman





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#59994 - 01/27/07 11:06 AM Re: selling fur and taxes [Re: Trophyhunter]
CharlesKS Offline


Registered: 12/23/06
Loc: Kansas,32,6-1,220,B/B NS
i am moving, just to let everyone no, and my new name is "adam"

adamKS

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#60037 - 01/27/07 11:29 AM Re: selling fur and taxes [Re: CharlesKS]
trppr1 Offline
trapper

Registered: 12/23/06
Loc: Eldon, MO
If you are required to file taxes proceeds from selling any amount of fur is reportable income,the same as interest income or a part-time job where you earn a few hundred bucks and recieve a W2 or 1099, but it is offset by the expenses incurred to produce it. That is why it is important to record mileage, running traps, scouting, gettng permissions, as well as all supply purchases, utilities on fur sheds etc. If your trapping is a hobby the expenses can be deducted up to the amount of income generated by trapping. If you are trapping as a business with a profit motive trapping expenses in excess of trapping income can be deducted from other income.

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#60048 - 01/27/07 11:39 AM Re: selling fur and taxes [Re: trppr1]
coonhusker Offline
trapper

Registered: 12/24/06
Loc: mid-east, NE
so......if we are supposed to claim our fur checks as income are we supposed to get a 1099 form from our buyer?
ill have to ask my guy?
man i hope not.
_________________________

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#60107 - 01/27/07 12:20 PM Re: selling fur and taxes [Re: trppr1]
pass-thru Offline
trapper

Registered: 12/23/06
Loc: Va
Originally Posted By: trppr1
If you are trapping as a business with a profit motive trapping expenses in excess of trapping income can be deducted from other income.


You can never deduct losses from one business against income from another....however if done properly you can deduct losses from trapping one year against income from trapping the following year.

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#60117 - 01/27/07 12:32 PM Re: selling fur and taxes [Re: pass-thru]
Rpowers Offline
trapper

Registered: 12/23/06
Loc: NW Arkansas
I'll agree with Gary B. on this. sure i trap, i just can't catch anything.....lol
_________________________
Sola Scriptura

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#60259 - 01/27/07 03:08 PM Re: selling fur and taxes [Re: Rpowers]
Trophyhunter Offline
"Reformed Scab Picker"

Registered: 12/23/06
Loc: Michigan
I just called my CPA, (best friend), he said "technically" you are suppose to report even the first dollar made, even if it is hobby income. And because the rules are so screwing something about 2% blah blah blah you couldn't even deduct $700 of expenses, you would just have to pay on the money you made.

He said gambling income is more favorable than reporting a hobby income such as raising dogs and selling the puppies.

I won't tell you what he told me to do, that is confidential!!!!...LMAO.
_________________________
I survived the death clutch of Boss Hog, and am now here for my 3rd tour of duty on Tman





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#60277 - 01/27/07 03:22 PM Re: selling fur and taxes [Re: Trophyhunter]
Jake Benson Offline
trapper

Registered: 01/02/07
Loc: Nebraska
1. Don't take pictures
2. Don't write anything down.
3. Deny, deny, deny.

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#60435 - 01/27/07 05:28 PM Re: selling fur and taxes [Re: Jake Benson]
skunkly Offline
trapper

Registered: 12/24/06
Loc: North Central Wisconsin...33
Any $$ you make must be reported. Whether it's one $12 coon or 100 $12 coons.

Just did my taxes yesterday. In fact.

Make sure you save all your reciepts, record gas mileage, and keep track of any other $$ you spend to trap/support your trapping.

Most of us trap for a hobby. All expenses up to the ammount you make can be deducted. If you make $1200 trapping, hopefully you have records showing that you can "write off" all $1200...be it traps, gas, material used to build a trap shed, ect. If not, you end up having what ever the difference is added onto your Adjusted gross income for the year.

You can't claim a loss though unless you do trapping for-profit. Like if you work construction durring summers, and trap all winter to supliment your living expenses for that time of year. Some guys that I know do this and have set up their own LLC company or something like one just for this because it's easier to write off a loss if theres a "company" behind the loss rather than just a guy and a trapping license.

-Skunkly-


Edited by skunkly (01/27/07 05:31 PM)
_________________________
"Let a King's offspring be sparing in words, and bold in battle; glad and wholesome the hero be till comes his dying day" The Sayings of Har: Havamal

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#61423 - 01/28/07 11:08 AM Re: selling fur and taxes [Re: skunkly]
threestud Offline
trapper

Registered: 12/23/06
Loc: perryville/missouri
why would you want to pay taxes on the fur you catch?????
what uncle sam doesnt know wont kill him just my 2 c

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#61435 - 01/28/07 11:18 AM Re: selling fur and taxes [Re: threestud]
snowman Offline
trapper

Registered: 12/23/06
Loc: Michigan
You are making a profit?

You do realize that you deduct ALL purchases related to trapping...that includes a $.44/mile deduction, that is, unless you have your own truck just for trapping, then it's actual gas, oil and expenses.

Lets say you make 60,00 a year in your day job. You have an IRA and you itemize with expenses such as your mortgage interest.

Now...you deposit a couple $1,000 checks from Groenies in your bank account.

You stand virtually NO CHANCE of being audited.

It will cost them more to audit, then they'll EVER get from you in back taxes/interest/penalties.

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#61440 - 01/28/07 11:25 AM Re: selling fur and taxes [Re: snowman]
Randy Wieland Offline
trapper

Registered: 12/22/06
Loc: Lebanon, WI
snowman your funny - I was nailed in '91 - I thought there was no way they would audit a little guy like me. SUCKS!!!
_________________________
The only thing worse than losing........Is QUITTING!
Lifetime Member WTA
Visit me at www.Wielandoutdoors.com or on www.in-depthoutdoors.com

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#61509 - 01/28/07 12:12 PM Re: selling fur and taxes [Re: Randy Wieland]
snowman Offline
trapper

Registered: 12/23/06
Loc: Michigan
Randy,

Please go in to a little detail.

What were your gross sales?



Were you reporting on a Sch C???


Edited by snowman (01/28/07 12:16 PM)

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#61518 - 01/28/07 12:15 PM Re: selling fur and taxes [Re: snowman]
LOV 2 TRAP Offline
trapper

Registered: 12/30/06
Loc: wisconsin
lol

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#61573 - 01/28/07 01:12 PM Re: selling fur and taxes [Re: LOV 2 TRAP]
Shilo Offline
trapper

Registered: 12/24/06
Loc: Gowrie, Iowa
Nah, those traps in the shed are just for decoration. I just periodacally decorate the countryside every year.
My family used to detassle corn every year for extra money, but the checks were always made out to the kids. They are allowed to make so much every year without reporting anyway.
_________________________
Rob

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