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Watchdog: Mitch blocked key aid but pushed tax break for owner …
https://www.salon.com/2021/01/12/watchdog-mitch-blocked-key-aid-but-pushed-tax-break-for-owner-of-racehorse-stimulus-check/#:~:text=The%20horse%20racing%20tax%20break%20allows%20owners%20to,other%20Republicans.%20Some%20Republicans%20objected%20to%20the%20measure.
Tax Breaks for Horses | Finance - Zacks
https://finance.zacks.com/tax-breaks-horses-3589.html
Among 2012 election season media diversions were articles about Ann Romney’s Olympics-bound horse, Rafalca. The media took an interest in the horse due to …
Tax break for racehorse owners advances in Congress
https://www.foxbusiness.com/money/tax-break-race-horse-owners
Lawmakers moved this week to advance a tax break for horse racing as the sport battles against a number of ... wagering at horse racing events fell to about $11.2 billion in 2018 from more than ...
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 …
Why is the government giving tax breaks to Triple Crown …
https://www.washingtonexaminer.com/opinion/why-is-the-government-giving-tax-breaks-to-triple-crown-elites
It’s a special tax break for wealthy horse owners. ... And horse racing isn’t the only sport with special tax breaks from the federal government. …
Coronavirus Relief Package Includes Tax Break for …
https://www.breitbart.com/politics/2020/12/21/coronavirus-relief-package-includes-tax-break-racehorse-owners/
The coronavirus relief package making its way through Congress includes a tax break for owners of racehorses. On Monday, both the United States House of Representatives and the Senate agreed to a broad $2.4 trillion spending deal , which includes more than $900 billion in relief for individuals and businesses impacted by the novel coronavirus pandemic.
The Latest Stimulus Bill Had Tax Breaks for Race Horses, …
https://talkpoverty.org/2021/02/09/backstretch-workers-belmont-covid/
Additionally, Congress extended tax breaks for the racehorse industry that would allow all racehorses to be claimed as depreciable property over three years, translating to tax write-offs of up to $500,000.
PolitiFact | Joe Biden says there are tax breaks for …
https://www.politifact.com/factchecks/2019/jun/19/joe-biden/joe-biden-says-there-are-tax-breaks-racehorses-not/
What's a tax break for car racing doing in the budget deal? Feb. 9, 2018. ... The Horse, Three-Year Depreciation of Racehorses Not Extended to …
Watchdog: Mitch blocked key aid but pushed tax break …
https://www.salon.com/2021/01/12/watchdog-mitch-blocked-key-aid-but-pushed-tax-break-for-owner-of-racehorse-stimulus-check/
The horse racing tax break allows owners to "depreciate the cost of a racehorse 2 years old or younger over three years, compared to seven years for other types of horses," Bloomberg explained ...
Racing For Tax Breaks - Taxpayers for Common Sense
https://www.taxpayer.net/budget-appropriations-tax/racing-for-tax-breaks/
PODCAST Learn about the PodcastWelcome to Budget Watchdog, All Federal — the podcast dedicated to making sense of the budget, spending, and tax issues facing the nation. Cut through the partisan rhetoric and talking points with TCS experts and guests for the facts about what’s being talked about, bandied about, and pushed in Washington.
I have income and expenses from a race horse. Where do I enter it …
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 ...
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