The shoebox problem
The $40,000 mistake hiding in your glove box. Let us talk about the shoebox. You know the one. The glove box, the kitchen drawer, the folder on your desktop labeled “horse stuff,” full of receipts you swear you will organize before tax season. It feels like a minor sin, and it is not. If you […]
Can you really depreciate a horse?
Your horse might be a depreciable asset. Here is when. Last week we looked at whether your horse activity counts as a business or a hobby. This week, let us assume you have cleared that bar. You run a legitimate operation, and now there is a question most owners never think to ask their accountant. […]
Is your horse a business or a hobby?
Almost every serious horse owner asks their accountant this question at some point. It usually comes right after writing a $40,000 check for board, training, and shows in a year when the horse earned $3,200 in prize money: “Can I deduct any of this?” The real answer is more complicated than most people want it […]