Tax Time and Owners
Moderators: Roguelet, hpkingjr, WaveMaster
-
tammysinnett
- Starters Handicap
- Posts: 587
- Joined: Tue Feb 22, 2005 5:44 pm
- Location: AVON.ILLINOIS
Tax Time and Owners
If I posted this in the wrong thread I apologize...right now I am a little flustered. I remember getting an email about a new tax deduction for Race Horse Owners and Breeders...Illinois is my location...I have looked everywhere and do not know where I filed the info...duhhhhh my tax man is not familiar with this business...so anyone out there got the information....??? thankyou for any information that will help me keep my business going we are struggling like many others...
-
btcountess
- Maiden Special Weight
- Posts: 247
- Joined: Sat Jan 07, 2006 8:45 pm
- Location: West Windsor, NJ
- Contact:
This is what Karen posted in Sept., I think it's what you are referring to.
I wasnt sure if this has been placed here or not. But its seems new to me.
From the www. CTBA.com
"Tax Benefits for Racehorse Owners
From NTRA
WASHINGTON, D.C. (Sept. 10, 2009) -- Tax benefits created by the passage of two bills make 2009 a tremendous year to purchase yearlings and other racehorses.
The 2009 Economic Stimulus Bill provides bonus first-year depreciation and an increase in small business expensing (write-offs). These benefits are scheduled to expire at the end of the year. Read more here. http://www.ntra.com/content/09-290-039_ ... _Flyer.pdf
After five years of legislative work in Washington, D.C. by the NTRA and others in our industry, the Farm Bill passed with a faster depreciation schedule for young racehorses that began in 2009. The new schedule better reflects the time over which a horse is likely to race. Click here http://www.ntra.com/content/09-290-112_ ... ge_Web.pdf for additional information on this benefit.
Buyers may be able to combine the Stimulus Bill and Farm Bill tax benefits. Please consult your tax professional for details. "
Karen
I wasnt sure if this has been placed here or not. But its seems new to me.
From the www. CTBA.com
"Tax Benefits for Racehorse Owners
From NTRA
WASHINGTON, D.C. (Sept. 10, 2009) -- Tax benefits created by the passage of two bills make 2009 a tremendous year to purchase yearlings and other racehorses.
The 2009 Economic Stimulus Bill provides bonus first-year depreciation and an increase in small business expensing (write-offs). These benefits are scheduled to expire at the end of the year. Read more here. http://www.ntra.com/content/09-290-039_ ... _Flyer.pdf
After five years of legislative work in Washington, D.C. by the NTRA and others in our industry, the Farm Bill passed with a faster depreciation schedule for young racehorses that began in 2009. The new schedule better reflects the time over which a horse is likely to race. Click here http://www.ntra.com/content/09-290-112_ ... ge_Web.pdf for additional information on this benefit.
Buyers may be able to combine the Stimulus Bill and Farm Bill tax benefits. Please consult your tax professional for details. "
Karen
Horses are pure love.
-
tammysinnett
- Starters Handicap
- Posts: 587
- Joined: Tue Feb 22, 2005 5:44 pm
- Location: AVON.ILLINOIS
thankyou
I knew someone could help me thankyou!!!!