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selling fur and taxes #59815
01/27/07 10:32 AM
01/27/07 10:32 AM
Joined: Dec 2006
Posts: 157
moravia newyork
bowslinger Offline OP
trapper
bowslinger  Offline OP
trapper

Joined: Dec 2006
Posts: 157
moravia newyork
i was wondering if u sell fur to a buyer do u have to clam it as in come on your taxes

Re: selling fur and taxes [Re: bowslinger] #59817
01/27/07 10:33 AM
01/27/07 10:33 AM
Joined: Dec 2006
Posts: 16,490
Goldsboro, North Carolina
Paul Dobbins Online content
"Trapperman custodian"
Paul Dobbins  Online Content
"Trapperman custodian"

Joined: Dec 2006
Posts: 16,490
Goldsboro, North Carolina
Yes, its considered income.



Re: selling fur and taxes [Re: Paul Dobbins] #59818
01/27/07 10:34 AM
01/27/07 10:34 AM
Joined: Dec 2006
Posts: 11,447
Kansas,32,6-1,220,B/B NS
CharlesKS Offline
trapper
CharlesKS  Offline
trapper

Joined: Dec 2006
Posts: 11,447
Kansas,32,6-1,220,B/B NS
uh oh....

charles

Re: selling fur and taxes [Re: CharlesKS] #59860
01/27/07 11:07 AM
01/27/07 11:07 AM

A
Anonymous
Unregistered
Anonymous
Unregistered
A



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.

Re: selling fur and taxes [Re: ] #59889
01/27/07 11:48 AM
01/27/07 11:48 AM
Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
G
Gary Benson Offline
trapper
Gary Benson  Offline
trapper
G

Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
I'm sure all trappers report trapping income faithfully.....I've been trapping for 40 yrs and still don't catch anything........


Life ain't supposed to be easy.
Re: selling fur and taxes [Re: ] #59986
01/27/07 01:03 PM
01/27/07 01:03 PM
Joined: Dec 2006
Posts: 4,335
Michigan
Trophyhunter Offline
"Reformed Scab Picker"
Trophyhunter  Offline
"Reformed Scab Picker"

Joined: Dec 2006
Posts: 4,335
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




Re: selling fur and taxes [Re: Trophyhunter] #59994
01/27/07 01:06 PM
01/27/07 01:06 PM
Joined: Dec 2006
Posts: 11,447
Kansas,32,6-1,220,B/B NS
CharlesKS Offline
trapper
CharlesKS  Offline
trapper

Joined: Dec 2006
Posts: 11,447
Kansas,32,6-1,220,B/B NS
i am moving, just to let everyone no, and my new name is "adam"

adamKS

Re: selling fur and taxes [Re: CharlesKS] #60037
01/27/07 01:29 PM
01/27/07 01:29 PM
Joined: Dec 2006
Posts: 40
Eldon, MO
T
trppr1 Offline
trapper
trppr1  Offline
trapper
T

Joined: Dec 2006
Posts: 40
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.

Re: selling fur and taxes [Re: trppr1] #60048
01/27/07 01:39 PM
01/27/07 01:39 PM
Joined: Dec 2006
Posts: 1,039
mid-east, NE
C
coonhusker Offline
trapper
coonhusker  Offline
trapper
C

Joined: Dec 2006
Posts: 1,039
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.


Re: selling fur and taxes [Re: trppr1] #60107
01/27/07 02:20 PM
01/27/07 02:20 PM
Joined: Dec 2006
Posts: 2,958
Va
P
pass-thru Offline
trapper
pass-thru  Offline
trapper
P

Joined: Dec 2006
Posts: 2,958
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.

Re: selling fur and taxes [Re: pass-thru] #60117
01/27/07 02:32 PM
01/27/07 02:32 PM
Joined: Dec 2006
Posts: 1,533
NW Arkansas
R
Rpowers Offline
trapper
Rpowers  Offline
trapper
R

Joined: Dec 2006
Posts: 1,533
NW Arkansas
I'll agree with Gary B. on this. sure i trap, i just can't catch anything.....lol


Sola Scriptura
Re: selling fur and taxes [Re: Rpowers] #60259
01/27/07 05:08 PM
01/27/07 05:08 PM
Joined: Dec 2006
Posts: 4,335
Michigan
Trophyhunter Offline
"Reformed Scab Picker"
Trophyhunter  Offline
"Reformed Scab Picker"

Joined: Dec 2006
Posts: 4,335
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




Re: selling fur and taxes [Re: Trophyhunter] #60277
01/27/07 05:22 PM
01/27/07 05:22 PM
Joined: Jan 2007
Posts: 292
Nebraska
J
Jake Benson Offline
trapper
Jake Benson  Offline
trapper
J

Joined: Jan 2007
Posts: 292
Nebraska
1. Don't take pictures
2. Don't write anything down.
3. Deny, deny, deny.

Re: selling fur and taxes [Re: Jake Benson] #60435
01/27/07 07:28 PM
01/27/07 07:28 PM
Joined: Dec 2006
Posts: 1,039
North Central Wisconsin
S
skunkly Offline
trapper
skunkly  Offline
trapper
S

Joined: Dec 2006
Posts: 1,039
North Central Wisconsin
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-

Last edited by skunkly; 01/27/07 07:31 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
Re: selling fur and taxes [Re: skunkly] #61423
01/28/07 01:08 PM
01/28/07 01:08 PM
Joined: Dec 2006
Posts: 1,228
perryville/missouri
T
threestud Offline
trapper
threestud  Offline
trapper
T

Joined: Dec 2006
Posts: 1,228
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

Re: selling fur and taxes [Re: threestud] #61435
01/28/07 01:18 PM
01/28/07 01:18 PM
Joined: Dec 2006
Posts: 3,290
Michigan
S
snowman Offline
trapper
snowman  Offline
trapper
S

Joined: Dec 2006
Posts: 3,290
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.

Re: selling fur and taxes [Re: snowman] #61440
01/28/07 01:25 PM
01/28/07 01:25 PM
Joined: Dec 2006
Posts: 743
Lebanon, WI
Randy Wieland Offline
trapper
Randy Wieland  Offline
trapper

Joined: Dec 2006
Posts: 743
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
Re: selling fur and taxes [Re: Randy Wieland] #61509
01/28/07 02:12 PM
01/28/07 02:12 PM
Joined: Dec 2006
Posts: 3,290
Michigan
S
snowman Offline
trapper
snowman  Offline
trapper
S

Joined: Dec 2006
Posts: 3,290
Michigan
Randy,

Please go in to a little detail.

What were your gross sales?



Were you reporting on a Sch C???

Last edited by snowman; 01/28/07 02:16 PM.
Re: selling fur and taxes [Re: snowman] #61518
01/28/07 02:15 PM
01/28/07 02:15 PM
Joined: Dec 2006
Posts: 1,489
wisconsin
L
LOV 2 TRAP Offline
trapper
LOV 2 TRAP  Offline
trapper
L

Joined: Dec 2006
Posts: 1,489
wisconsin
lol

Re: selling fur and taxes [Re: LOV 2 TRAP] #61573
01/28/07 03:12 PM
01/28/07 03:12 PM
Joined: Dec 2006
Posts: 675
Churdan, Iowa
rob Offline
trapper
rob  Offline
trapper

Joined: Dec 2006
Posts: 675
Churdan, 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.

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