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Are their tax consequences to raising alpacas?

April 26, 2017alpacas consequences raising tax

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Are their tax consequences to raising alpacas?

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You should always consult your own accountant or tax lawyer before starting a farm. Please click on our link “taxes and alpacas” for an overview. In general the IRS wants to see that this is a business, not a hobby, for you and that you classify your deductions for the farm and the animals properly. There is not a lot of case law yet, but there is a growing body of investigation that should soon make the area clearer.