The Business Of Horses
I have said many times that if you are a breeder, you should be a business. Among the reasons is that a business can deduct the expenses of raising horses including feed, vet care, stud fees, marketing costs, training fees and all the other necessary expenses of raising and selling your horses.
The most significant reason though is that you can buy and depreciate your stallion and mares over a period of time. And that is why even in a down market, you can make a revenue even if it is marginal. Horses that are used for breeding or racing can be depreciated over 3 to 7 years depending on the age when placed into service.
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If they may be a horse you have elevated and then decide to breed, you can only deduct the expenditures of the horse. In the event that you buy super stallion or mare, you can deduct, not only the expenditures associated with their treatment, but also depreciate the price of the animal and enhance the important thing of your business. Depreciation is a deduction from expenses that lowers those expenditures and increases the gross revenue of your procedure.
To illustrate this, I am going to give you an example. It could or might not work in your unique case and you need … Read more