tax breaks for horse owners?

[rkinnin]

i heard about it but can not seem to find more information on this teaser in the tax bill that the President just signed.

Of course, his local paper [the chicago sun times] covered it.

http://www.suntimes.com/business/301...mize-bill.html

who has more information on it though?

[Scav]

Originally Posted by rkinnin

i heard about it but can not seem to find more information on this teaser in the tax bill that the President just signed.

Of course, his local paper [the chicago sun times] covered it.

http://www.suntimes.com/business/301...mize-bill.html

who has more information on it though?

They are probably talking about the tax break when you buy a new horse. A new horse is considered a horse that hasn't been in full training, such as a weaning, yearling or a 2 year old in training. This 'break' was 50% bonus depreciation so off the top of my head you were able to write off 66.5% of such asset before it was even in training.

I am not 100% sure on if you were to buy a 3 year old that hasn't raced but in full training for a year if that would qualify.

[Cannon Shell]

http://www.horsecouncil.org/pressreleases/2010_9_28.php