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NEED TO KNOW BASIS |
HORSES AND TAXES
The Internal Revenue Code and its attendant Regulations comprise a
virtually incomprehensible minefield, with numerous traps for the unwary
or ill-informed. The goal of
reducing the flow of money from your business to the government is best
met with the aid of professionals who make taxes their business. In
"Business or Pleasure?" in the February 2002 issue of The
Horse, Milton C. Toby, JD, discusses whether the Internal Revenue Service
(IRS) will
consider your operation a business or hobby, and whether the IRS will
allow you to use losses incurred by your horse operation to reduce
taxable income from any other businesses.
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