Our Animals Come Tax Time

[Bossroo]

Recent ruling of a farming venture was not for profit. A high wage earner raised Alpakas and claimed expenses of 3- 4 times more than any sale over a number of years and never showed a profit. Tax preparer had used some rather creative deductions for this client. This resulted in a tax bill of over $60,000 in back taxes plus penalties for the taxpayer. Taxpayer signed agreed after consulting with a tax attorney.