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Re: [RC] Tax Deduction - Susan YoungALWAYS go through a reputable CPA!! My CPA is as straight laced as they come and I really appreciate her.
For us, the FARM is the business and endurance IS a right off because of the awards. Yes, those t-shirts and buckets are considered "income" of sorts (I'm over simplfying to an extent) and anything I do with the horses that involves prizes is a right off.
Therefore, I can right off all feed, suppliments, vet expenses, farrier expenses, clothing expenses (!!), tack, buildings, truck and trailer expenses, etc. I should also point out that we rent out one of the houses on our farm thus making this a "real" business.
Conversly, I can not right off any of my foxhunting things since that is truely a hobby for me. If I "owned" the kennels, that'd be a business and I could right everything off.
I'd talk to a good CPA to see if you could right off endurance if that's ALL you did. I can because of the rental situation. If you have the where-with-all to do this, GO FOR IT!!! We've gotten involved with the Conversation Department and now have a pasture that won't quit! I haven't had to hay in six winters!! Talk about a great investment...!!!<_javascript_:comments(letteradress)><_javascript_:comments(letteradress)><_javascript_:shareit()> Susan [Young], The Princess of Pink Semper Obliquo (Always aside) Glenndale Grace Farm, Ft Gibson, Oklahoma U.S.A. "Ride on! Rough-shod if need be, smooth-shod if that will do, but ride on! Ride on over all obstacles, and win the race!" - Charles Dickens (1812-1870)
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