Tax related Question on a Horse I sold

[Des]

I am in the process of selling a horse that I bred and raced. I have received an offer for my 3year old that I bred and raced. My question is do I pay taxes on the sale of this horse and if so what would be my basis in computing the gain on the sale, Note this is a horse that I personally bred and raced. the offer is over $200K. You can PM me

Regards

[madelyn]

Presuming you took the expenses of breeding and raising the foal and reported the income and expenses from racing in prior years you will have a capital gain...

https://moskowitzllp.com/tax-law-and-th ... ins%20rate