Hi all,
I have been doing a lot of research lately and am running into a lot of walls of nothingness. I am trying to answer some questions before I get into breeding my animals:
1. When does a hobby become a business?
------> Is this determined by number of animals sold, website, LLC, name, amount of money made from selling animals, or just declaring yourself a business or hobbyist?
2. I understand that this may be a state by state thing but, Do you need to claim\file taxes on animals sold? If so, when do you do this at a certain dollar amount, quantity sold, or only if you declare yourself a business?
This is just a starting point for me. I did look for quite a while online and read so many state statutes and things but nothing is really clear. In my state it really only talks about dogs and cats and some native reptiles and amphibians but nothing really regarding bps. They also don't clearly state anything about taxation or business regulations on bps. Any help is greatly appreciated. Also I live in Wisconsin (considered one of the leanest states on exotic animals) so any input on my states standpoint would be greatly appreciated.