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Posted by dpb on April 8, 2008, 9:49 pm
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amyismynamey wrote:
> I have a question I haven't seen before. My son raises goats for an
> FFA/school project and it gets auctioned off at the County Livestock
> show. He received a 1099-MISC with the auction amount shown in box
> 3. The true net proceeds of the sale are actually in the negative due
> to all of the feed, supplies, etc. necessary to raise the animal. My
> question is, the money for these supplies was actually paid by us, his
> parents....how do you handle this and is there ANY way for us to take
> advantage of these expenditures as my husband and I owe the IRS on our
> joint return? ANY help would be appreciated!
May not work for you, but for us the costs were absorbed in the overall
operation and the kids got the proceeds as their college fund money.
(Showing how old a fogey I am, when Dad did that for my brother and I,
we put ourselves through school almost completely on the proceeds from
one show steer and a couple of feeder heifers per year).
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