Endurance.Net Ridecamp Archives

It was 1 out of seven years that must show a profit but now I have been 
advised by accountants that as long as you can show INTENT (ads, 
contracts, etc.) it can be a gray area --- you can still qualify with no 
profit-- never-the-less you are right--- one has to show that it is a 
serious business!
Bette

mkrumlaw@xxxxxxxxxxxx wrote:

> A couple of you missed the point of my post.
>
> My point was and is...that you can't write off expenses for a horse just 
> because you have one in your back yard and win some T-shirts.
>
> Your horse(s) must be included in a revenue generating business and that 
> business must be profitable "x" number of years out of "x" number of 
> years. I haven't read the current code so I'm not certain of the correct 
> years.  At one point it was 1 in 7 years.
>
> Now that being said there are some out there who meet these requirements 
> and can deduct the expenses related to their horses (farms, breeders, 
> trainers, ranches, boarding barns, packing, etc.).  Most of us cannot.  
>
> Getting your tax information from Ride Camp isn't advised nor suggested.  
> The actual unabridged tax code would fill a good sized book shelf.  
>
> MKS
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--
Bette Lamore
Whispering Oaks Arabians
Home of Bunny and 16.2h TLA Halynov
who lives on through his legacy Hal's Riverdance!
http://www.arabiansporthorse.com

Always remember: "Life is not measured by the number of breaths we take, but by the moments that take our breath away." (George Carlin)




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