Does anyone write off there deadout and losses
I don't know about anyone else, but I wouldn't know how to even claim them as a tax write off.
I figure it would be easier if you owned your own beekeep. business. You could claim it as a loss of income. Or if you 'invested' in bees and you lost some of it.
Other than that I can only immagine that it would fall under tax fraud.
Try this...
http://www.ehow.com/how_2183916_hobby-expenses-hobby-income.html
I work a full time job and my wife and I own 2 business. I'll talk to my accountant.
I dont. I do write off purchases of new bees. I have been told they count as livestock if you use a scheudule F, but I wll be doing this for the first time. I used a scedule c last year.
Will you be using the schedule F only because of your bees? How many hives do you have?
You can deduct your expenses. How would you deduct losses of hives other than deducting what you spent when you spent it?
Quote from: Michael Bush on February 18, 2009, 07:05:49 PM
You can deduct your expenses. How would you deduct losses of hives other than deducting what you spent when you spent it?
Market value, a hive of honey bees is worth more than the cost of the package and the equipment used to make up the hive. I'd add 10%.
Thanks everyone
I have only 8 hives now all doing well but have 25 more coming this spring. Along with splits and trapping I should be 40 - 50. I am shutting the doors of one of our business of 17 years. It involved ladders and after falling a couple of years ago I need to keep my feet on the ground. I will continue to grow my bee numbers and use this for a supplimental retirement business