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N
Nwasher1
January 24, 2022
Question

I am a stay at home mom and I am breeding my dogs this year. Should I show that income as hobby or self employed next year?

  • January 24, 2022
  • 1 reply
  • 0 views
This will be my first year breeding my dogs. I have set up a website, FB page and an Instagram account for my dogs.

1 reply

M
MayaD
January 24, 2022

A key feature of a business is that you do it to make a profit. Consider nine factors when determining whether an activity is a hobby. Make sure to base the determination on all the facts and circumstances.

For more information please check : Hobby or Business?

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    N
    Nwasher1 Author
    January 27, 2022

    What happens if I pick the wrong one between hobby and business? I just want to pick the right one and it’s so confusing. If I file it under business would I put the income under schedule C? If I put it under hobby income would I enter my net income? 

    V
    Vanessa A
    January 27, 2022

    Dog breeding is generally considered a hobby, not a business, unless you are in a puppy mill/kennel type situation. 

     

    When you put it under hobby, you will enter your gross income.  Your hobby expenses are not deductible for tax years 2018-2025.

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