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[RC] Tax Deductions & Horses - mkrumlaw


Hmmm...

I would look into any deductions taken for horses very thoroughly before 
I just started slapping a $100,000 deduction on my tax return because I 
own a horse(s). 

The IRS regs are pretty clear on what constitutes a hobby vs. a business. 
Being an accountant by profession, and having testified in some legal 
proceedings involving the IRS, I can say I wouldn't want to be on the 
wrong side of an IRS audit on this one.

As they teach you in those little accounting schools.... "tax avoidance 
is legal....Tax evasion is punishable by law.

MKS











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