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Re: [RC] Taxes again - mkrumlawIt 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 You might be falling into the 1 in 9 classes, I believe there is one for horses. As I don't practice "public" accounting I'm not going to guess. But let's put it this way.... I AM an accountant (Corporate world), I lease a farm for my horses, I board out 5 of the nine stalls, and I've won all kinds of things riding over my 15+ years. Not to mention I could cloth a small country with my ride T-shirts. My horses are still a hobby pure and simple. Now I can write off the interest on my horse trailer as a second home. This is allowed if you own your primary residence, your trailer is fully self contained, and you spend 7 nights in it a year. This makes it a second home. (the "7 nights" is subject to change under current tax law.) It isn't much but I'll take what I can get. :-) ! MKS --------------------------------------------- This message was sent using MailMan provided by Good News Internet Services http://www.goodnews.net/ -- This message has been scanned for viruses and dangerous content by IntelliBlock MailScanner, www.intelliblock.net and is believed to be clean. =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= Ridecamp is a service of Endurance Net, http://www.endurance.net. Information, Policy, Disclaimer: http://www.endurance.net/Ridecamp Subscribe/Unsubscribe http://www.endurance.net/ridecamp/logon.asp Ride Long and Ride Safe!! =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
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