Taxes

[mark-edmonton]

Can jr trappers claim expenses?

[mark-edmonton]

Got my first beaver today with a 330 next to a feed pile using a peeled potatoe. How many beavers usually share a pond?

[NPRT]

Originally Posted by mark-edmonton

Can jr trappers claim expenses?

Yes, Trapping is a bussiness.

[TRAPPER92]

Originally Posted by mark-edmonton

Got my first beaver today with a 330 next to a feed pile using a peeled potatoe. How many beavers usually share a pond?

I tried the same thing but I have nothing yet! What I did was put two 330's on a poplar pole about 6 to 10 inches under the ice in about 4' of water. Baited with a potatoe and orange peel.

[sourdough doug]

Originally Posted by TRAPPER92

I tried the same thing but I have nothing yet! What I did was put two 330's on a poplar pole about 6 to 10 inches under the ice in about 4' of water. Baited with a potatoe and orange peel.

Just about the right depth for them to freeze into the ice.. That'll be the last time you will do that if you catch any that close to the ice. They stay pretty close to the bottom....

[sourdough doug]

Originally Posted by NPRT

Yes, Trapping is a bussiness.

But only for so long, ie, the tax people will come and check you out if your expenses are continually more than your income.. So if you think trapping is a business, how long can any business operate at a LOSS.. Sometimes its best to remain silent and not have the tax man at every trappers door, if they are not as we speak....making a list and checking it twice. Loose lips sink ships..I hope for your sake, you have a line that can pay it's way, not all of us do..

[mark-edmonton]

Definitely would not show any profit this year. Didn't get alot. We only have 1 township with alot of oil work going on around it.

[huntinfool]

Originally Posted by sourdough doug

But only for so long, ie, the tax people will come and check you out if your expenses are continually more than your income.. So if you think trapping is a business, how long can any business operate at a LOSS.. Sometimes its best to remain silent and not have the tax man at every trappers door, if they are not as we speak....making a list and checking it twice. Loose lips sink ships..I hope for your sake, you have a line that can pay it's way, not all of us do..

Lol. My farm has showed a loss for years.

[duffy4]

I once asked a friend what trappers do for tax.

He said " Oh they just get a shingle nail and file it down a little."