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Hobby Losses & Passive Activity in the Horse Industry ...
http://www.greenco.com/insights/hobby-losses-passive-activity-horse-industry
The best way to prove that you are not “passive” and materially participate in a trade or business is to prove any one of the following seven rules: 1. You participate more than 500 hours; 2. Your participation constitutes substantially all of the participation in the activity; 3.
Ownership and the IRS - TOC Online | TOC Online
https://www.toconline.com/racingownership/owner-handbook/ownership-and-the-irs/
Fortunately, Congress has created a “safe harbor” provision which includes racehorse owners. The provision states that any business set up for the “breeding, training, showing or racing of horses” which shows a net taxable income in two out of seven years cannot be presumed to be a hobby, but must be considered “engaged in for profit.”
Tax Law and the Horse Industry: Part IV, Proving Active ...
https://moskowitzllp.com/tax-law-and-the-horse-industry-part-iv-proving-active-participation/
Tax Law and the Horse Industry: Part IV, Proving Active Participation. Before 1986, ingenious tax attorneys and financial advisors created investments for their clients that were purposefully designed to create tax losses that could offset other income. In its attempt to curb the use of these abusive tax shelters, Congress enacted The Tax ...
Horse Business - Horse Hobby - IRS Guidelines - Allen ...
https://www.eqgroup.com/Library/irs1/
Specific questions regarding this article “Horse Business – Horse Hobby – IRS Guidelines” should be addressed to Patrick J. Hurley at (800) 996-1040. PATRICK J. HURLEY & ASSOCIATES, INC. EQUINE TAX – HORSE BUSINESS SERVICES. 18200 Yorba Linda Boulevard, Suite 103. Yorba Linda, California 92886-4006.
Can You Make Money Owning a Racehorse? - Horse …
https://horseracingsense.com/can-you-make-money-owning-a-racehorse/
Racehorse owners can make money standing a stallion at stud, selling offspring, and breeders awards. Many horses retire and are used for breeding after completing their racing career. Even though a successful horse can make a lot of money racing, its real earnings potential might be as a stud. The most expensive stallion is Galileo; his stud ...
Horse Racing Tax Rules Updated by US Treasury & IRS | …
https://www.offtrackbetting.com/horse_betting_news/horse-racing-tax-rules-updated-by-us-treasury-irs.html
Horse Racing Wins As US Treasury & IRS Issue Updated Tax Rules. OffTrackBetting.com - The U.S. Treasury Department and the Internal Revenue Service (IRS) today announced that they will formally adopt modernized regulations regarding the withholding and reporting of pari-mutuel proceeds. The National Thoroughbred Racing Association (NTRA) has long pressed for these …
Passive Losses and Material Participation
http://equinetax.com/articles/passive_losses.pdf
Income Tax and Business Services 500 South Kraemer Boulevard, Suite 250 Brea, California 92821-6792 Phone: (714) 996-2204 Fax: (714) 996-1582 PASSIVE LOSSES AND MATERIAL PARTICIPATION Every astute horseman is aware of the high …
I have income and expenses from a race horse. Where do …
https://ttlc.intuit.com/community/taxes/discussion/i-have-income-and-expenses-from-a-race-horse-where-do-i-enter-it-on-my-return/00/74185
Report Inappropriate Content. I have income and expenses from a race horse. Where do I enter it on my return? Schedule C Profit or Loss from Business is the form you would use. Consider it self-employment income. In order to take a portion of the purchase price, you will need to claim depreciation. Here are several links you may find helpful ...
Tax Issues | Thoroughbred OwnerView – Thoroughbred …
https://www.ownerview.com/getting-started/tax-issues
They are the difference between long term capital gains rates and ordinary income tax rates and the hobby loss and passive loss issues. Please consult with your tax advisor for up-to-date changes in the tax law. Also, the American Horse Council web site, www.horsecouncil.org, has a wealth of information and resources on this topic.
Tax Tips for Horse Owners: Deducting Horse-Related ...
https://moskowitzllp.com/tax-law-and-the-horse-industry-part-vi-deducting-horse-related-business-expenses/
Tax Law and the Horse Industry: Part VI, Deducting Horse-Related Business Expenses. Many business owners aren’t aware of many deductions that are available to them and end up paying taxes that otherwise could have been avoided. 26 U.S. Code § 162 allows business owners to deduct “all the ordinary and necessary expenses paid or incurred ...
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