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Taxable Income from your Pet? [Video]

Taxable Income from your Pet?

Does your pet generate taxable income?

Whether your dog appears in movies, you breed and sell tarantulas, or your cat is an influencer that brings in YouTube revenue, you need to watch out for the IRS.

The IRS might try to classify this activity as a hobby per Section 183, in which case all the income would be taxable and none of the expenses would be deductible.

Thus, you need to show that this is a business, not a hobby.

If it’s a business, then you deduct expenses of that business on Schedule C.

If you can show that you’ve earned a profit in 3 of the past 5 years (2 of the last 7 years for activities involving horses), the IRS will presume it’s a business and not a hobby.

You can also show that it’s a business by keeping accurate records and trying to earn a profit, rather than engaging in the activity simply for recreation.

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