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Horse Racing Betting Tax Rules: Are Taxes Owed On Winnings?
https://www.bettingusa.com/horse-racing-tax-rules/
A new tax rule adopted by the IRS regarding its treatment of wagering activity continues to have positive impacts on US horse bettors. In 2017, the IRS adopted a new rule in which all wagers placed into a single parimutuel pool and represented on a single ticket may be aggregated and treated as a single bet for withholding and reporting purposes.. The impact on …
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 …
Tax Law and the Horse Industry: Part VIII, At the Racetrack
https://moskowitzllp.com/tax-law-and-the-horse-industry-part-viii-at-the-racetrack/
San Francisco full-service tax firm. For over 30 years, the attorneys and accountants at Moskowitz, LLP have delivered the highest quality, non-judgmental representation and advice to thousands of U.S. taxpayers. To learn more about horse racing laws, the new horse racing tax rules, and how we can help you, contact our firm at (415) 394-7200.
Equine Tax Law: Taxation of Horse-Related Business …
https://moskowitzllp.com/tax-law-and-the-horse-industry-part-v-taxation-of-horse-related-business-activities-under-the-new-tax-law/
The New Tax Law and the Horse Industry - HolisticHorse.com
https://holistichorse.com/zones/in-the-news/the-new-tax-law-and-the-horse-industry/
The new tax law signed by President Trump, ... The “bonus depreciation” deduction for breeding stock, race horses, farm machinery and equipment will now be 100%, an increase from the former 50% rate, for property placed in service after September 27, 2017. This applies to new or used property purchased by the taxpayer.
Tax Code Changes That Benefit the Horse Industry
https://www.thoroughbreddailynews.com/tax-code-changes-that-benefit-the-horse-industry/
Below please find a summary of the most relevant items and how they affect the horse business: 1. Prior to the recent update, the tax law capped business losses at $250,000 for single taxpayers ...
What the Tax Change Means to a Horseplayer - TDN
https://www.thoroughbreddailynews.com/what-the-tax-change-means-to-a-horseplayer/
By Joe Bianca. Last week, the NTRA announced that a decade-long effort to modernize tax regulations for horseplayers was set to become law. Its CEO Alex Waldrop recounted Tuesday in the TDN the ...
Horse Hobby - IRS Guidelines - Allen Financial Group
https://www.eqgroup.com/Library/irs1/
How tax law applies to your Horse Business – Horse Hobby – IRS Guidelines for those involved in horse training, boarding, or sales. ... operation must be considered and the horseman should consult their tax accountant or an accountant familiar with horse racing, breeding and showing operations for advice and specific situations. Specific ...
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 depreciation opportunities for Thoroughbred owners
https://deandorton.com/tax-depreciation-opportunities-for-thoroughbred-owners/
For example, if shares in a stallion prospect are purchased while the horse is still racing to secure ownership in the stallion, these would not be placed in service until the horse is retired from racing and available to be bred or begins breeding. ... The tax law created a provision that limits net 2018 losses from all business ventures for ...
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