True story.
For decades I filed a schedule C for my trapping endeavors. Claim the revenue and the expenses. Depreciate snowmachines, dog teams and any expensive items that can't be directly expensed. All fuel used to produce revenue is a deductible expense. Also, so would the cost of a trapping license or business license be deductible. Why a person wouldn't take advantage of the laws as written, baffles me.

Business income gets automatic 15.3 percent self employment tax. Other income is just subject to income taxes. If your agi keeps you in the 15 percent bracket or less, then your tax burden would be less if you made money and called it a hobby.

Don't even need a 1099 unless more than 600

Agree with taking advantage when we can. Productive people get screwed by the federal, state and local governments on taxes.

I'm slowly looking for a nice thermal. It will be deducted because I'm protecting my wheat from hogs.

I have filed a schedule C for my trapping profit and loss for decades. I deduct 100% of my boat expenses, all equipment that I buy, fuel, repairs, chest waders and clothing needed for trapping, trapping license, magazine subscriptions, membership dues to my association, etc, etc.

I still show a profit every year that I pay federal and state taxes on. Never been audited.

Since it is your own wheat that you are protecting..........and since SCOTUS says it still falls under the interstate commerce clause........Wickard v Filburn..........it is almost mandatory for you to have the thermal set up. Probably need a suppressor also.........and you can write off that 200 dollar tax stamp as well.

Win/win !

If you shoot a couple critters and sell them you can still write off the thermal. Can claim a loss for 5 years

I've had a hobby licensed home business for many years now, and always use it on my regular tax sheet, after doing so the first year and got a notice that if a hobby is not licensed I had a certain many rules to follow.

After that year I applied for a home sewing and apparel license and ever since it does not matter low or high on my take of supplies for my sewing, meaning any travel used for supplies any tanning costs most anything used to finish out the work is put on the tax report. Yes you do have to list your total of sales, most of the time my sales are way lower than inventory used to get a final product, sometimes so high you can move it into the next year.

Many times the cost of attaining the inventory and supply's is much higher than the sales of the finished product, which has always helped in my total of deduction's for the home as well, as all of the home things such as electrical power, phone use, computers, space on the home site are give a percentage of taking as well. Sometimes I do have a close higher sales on product
which only shows the fluctuation of my hobby, never been audited for having this license either !

One thing that really makes a difference in how you are taxed is between finished product and sold product, sold always is a higher rate than inventory waiting to be used, so one does at least need to show they sell once in a while every year !

Just saying if you really want to use the hobby of trapping and or fur taking for a tax write off or a help in your own tax deductions, you should check into getting a home business license to help do this !

I do my own taxes and have completed a Schedule C for trapping and other small businesses for over 40 years. I have combined my trapping into my wildlife and financial management business so I don't have losses every year. Since 2013 it has been almost impossible for me to even 0 out for trapping. Running it together with consulting, maple syrup etc. helps keeping from large negative numbers. Keeping records for me has really showed me how much it actually does cost to manage lower income businesses or bussinesses with wildly variable revenues.

Bryce

My accountant said nope, can only claim losses down to zero and pay on any gains.

I'd ask your accountant a few more questions.
If you are running your trapping as a legitimate business.....you can absolutely claim an NOL......net operating loss.... and deduct it from income earned in a different business. You can even carry forward that NOL, or a portion of it, to future years if it is substantial enough. If I remember correctly you can only use 3000$ per tax year, of the NOL, to offset current income from other sources.

This would not apply if your trapping revenue is considered "hobby" income

The way things are looking out here, i might have to quit to limit my losses. I don't need losses.