Tax advice

Tax advice

Post by Kim Wel » Fri, 10 Mar 1995 04:55:45


Good luck! I'm not an accountant (you will need one) or a lawyer (you may
need one of those too), but the IRS is very picky. In order to prove this
is a business, as opposed to a hobby, you have to show a profit. I think
it's one year out of five. Talk to a professional ASAP.
Heidi Scholes
 
 
 

Tax advice

Post by Erin Bla » Sun, 12 Mar 1995 16:23:27

I believe (unless they changed the rules this year ;)) that for
equestrian enterprises, you must show a profit every 7 years.  Gotta love
those lobbyists!!

Erin

 
 
 

Tax advice

Post by Lora Ro » Tue, 14 Mar 1995 01:58:47

Bet bet - dry reading but worth it is get a Schedule F - get the
IRS Farmers Tax guide, and their Depreciation and Amortization
rules and have at.  It took me weeks to read & understand when I
stared my farm - but better than most of the advise from
accountants and other horse people.

And for an equine farm its 2 out of 7 and then for only special
circumstances (ie breeding & showing but NOT boarding or training
as primary business type).

--
Lora L Roa             | Horses, Dogs, Cats, Chickens, Kids
Disclamers, etc...     | and one nice guy who laughs at me...
                       | of course so do the kids...

 
 
 

Tax advice

Post by Jeff M. Lega » Tue, 14 Mar 1995 21:46:24


Quote:

>I believe (unless they changed the rules this year ;)) that for
>equestrian enterprises, you must show a profit every 7 years.  Gotta love
>those lobbyists!!

>Erin

No, the rules have not been changed.  Its still seven years.
Good Hunting
Jeff L