I was just thinking... I guess the loss started when packages, Queens, splits, or NUCs were purchased as biz expense. I know a full production hive is worth more...but how would you value that loss?
JoeMcc
JoeMcc
Taxes... Hive Loss???
I have to go see the accountant next week. I lost 12 hives last year. Is there something I can claim on fed taxes for the biz?
JoeMcc
JoeMcc
1 - 11 of 11 Posts
I write off replacements not deadouts
Joe, if you took the standard 3 year depreciation on the original expense you can now accelerate that. I'd have to say they're fully depreciated at this point 
You do not directly write off losses. This year if you replace the colonies you will have that expense to write off. Also if you are starting new colonies you will have a decreased harvest at best. So this year you will have less income with higher expenses. Less net income means less taxes to pay.
Losses are shrinkage. The expense of replacing the dead bees w/ live ones is deductable. Not that I'm a tax lawyer or accountant, by any means. But if I bought packages they would be a livestock expense. Just as queens and cells are.
The equipment is depreciable over time.
The equipment is depreciable over time.
did you look in your next door neighbors yard??I lost 12 hives last year.
JoeMcc
Livestock such as cattle have a productive life span which can be deprecieated.Losses are shrinkage. The expense of replacing the dead bees w/ live ones is deductable. Not that I'm a tax lawyer or accountant, by any means. But if I bought packages they would be a livestock expense. Just as queens and cells are.
The equipment is depreciable over time.
Bees, that's getting into a gray area.
You might want to look at replacement costs and loss of income stats.
Good Luck,
Ernie
what i thought too, but resisted.did you look in your next door neighbors yard??
If i buy a bull or cows and i lose one from lighting or what ever, i can count the cost that i payed for it. But if i raise one from my own stock and it dies i don't get to count nothing for it. I guess that bees would be the same,if i bought packages and lost some i could count the ones i lost, but if i caught a swarm or started my own hive and lost them a year later i couldn't count anything. That's what my tax lady told me:scratch:. Jack
So how would that work. I purchased 4 packages. Lost 3 of the packages. I can write off the expense of purchasing the 4 packages. How do I get another expense for the loss of 3 packages? If the packages cost $100 each.
Purchase $400
Loss $300
Total $700 for the 4 +3 losses (Not including any sugar, etc. I feed them.
Doesn't sound right?
Purchase $400
Loss $300
Total $700 for the 4 +3 losses (Not including any sugar, etc. I feed them.
Doesn't sound right?
1 - 11 of 11 Posts
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