Back to Pedigree Query
It is currently Tue Dec 12, 2017 1:10 am

All times are UTC - 8 hours [ DST ]




Post new topic Reply to topic  [ 3 posts ] 
Author Message
 Post subject: Horse ownership taxes
PostPosted: Sun Mar 06, 2016 2:16 pm 
Offline
Leading Sire
User avatar

Joined: Thu Jul 13, 2006 11:00 am
Posts: 3598
Location: New York City
Hello there . . . wanted to surey people to see how they handle horse ownership on taxes.
I have an accountant we like, who I need to use again this year, but I don't think he knows anything about horse ownership.
I got a referal to a "best equine accountant", but don't know ettiquette of asking his advice without offering to pay. I mean--what WOULD I pay?
I thought I could pay him to do a worksheet for me, but I don't think a worksheet is neccessary.
Anyway---I know I'm to keep expense/income logs, and also to track my time invested in the sport, as well as magazine sub costs, etc. to prove I'm in it to make a profit.
So--what would you do/what have you done, if you own/part own while having an otherwise normal life?
Thanks!

_________________
All shouting does is make you lose your voice.
----Arrested Development


Top
 Profile  
 
PostPosted: Sun Mar 06, 2016 3:03 pm 
Offline
Darley line
User avatar

Joined: Thu May 03, 2007 7:54 am
Posts: 5936
Location: FL, NY
Toccet02 wrote:
Hello there . . . wanted to surey people to see how they handle horse ownership on taxes.
I have an accountant we like, who I need to use again this year, but I don't think he knows anything about horse ownership.
I got a referal to a "best equine accountant", but don't know ettiquette of asking his advice without offering to pay. I mean--what WOULD I pay?
I thought I could pay him to do a worksheet for me, but I don't think a worksheet is neccessary.
Anyway---I know I'm to keep expense/income logs, and also to track my time invested in the sport, as well as magazine sub costs, etc. to prove I'm in it to make a profit.
So--what would you do/what have you done, if you own/part own while having an otherwise normal life?
Thanks!

Hi Toccet,
I'm sure they would advise you, but I doubt it would be free. Here is one where the firm offers a one hour consultation service fee to anyone in the thoroughbred business. This consultation includes review of tax returns and business plans. Scroll down to the bottom of this link and it will mention the hourly fee. http://www.greenco.com/insights/equine- ... down-track
This is another link from the same company that explains what the IRS will be looking for.
http://www.greenco.com/insights/hobby-l ... e-industry
This info could be of help...possibly for your current accountant to understand what they are looking for and your accountant might be able to figure it out, it's not that far out of the realm of business profit and loss.
TOC (TB Owners of California) explains partnership and taxes as related to partnership investors. TJ
http://www.toconline.com/racingownershi ... d-the-irs/


Top
 Profile  
 
PostPosted: Sun Mar 06, 2016 6:42 pm 
Offline
Yearling

Joined: Sun Jan 02, 2005 9:27 pm
Posts: 74
Location: Virginia
Hi,

I have filed Schedule Cs for a couple of horse-related businesses. It should not be hard for your regular accountant to figure it out.

I found useful information on this website: www.stallingspainthorses.com/tax1.html# ... vs%20Hobby

Some of the details may have changed (as tax law changes year to year) but it gives a good general overview.

Good luck.


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 3 posts ] 

All times are UTC - 8 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 7 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB® Forum Software © phpBB Group