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Conference noted::equitation

Title:Equine Notes Conference
Notice:Topics List=4, Horses 4Sale/Wanted=150, Equip 4Sale/Wanted=151
Moderator:MTADMS::COBURNIO
Created:Tue Feb 11 1986
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:2080
Total number of notes:22383

1179.0. "Tax man Cometh" by TOLKIN::CKJERTING () Mon Feb 26 1990 17:14

    Business vs. hobby ?  
    
    We are currently building a home and barn in Ct. for my family
    of humans and "beasties".  I currently have 3 mares, 1 stallion
    and a gelding.  My three mares are pregnant and due in March.
    (Two in March) one in August.  I'm as excited about the birth 
    of my horses as the birth of my children.  I have been boarding these 
    critters for 5 years for numerous reasons, i.e., length of time
    selling our previous home, College for our children
    and....... "minor" problems with the conservation committee in Ct.
    .....and then this New England winter.  Hopefully this spring we can
    all live together and our dream or raising and showing horses will
    be a reality. 
    
    I would appreciate any help on the following questions.  

    My Questions:
    
    1)  Does anyone know of a good equine tax accountant ?
    2)  Should I claim as a business or hobby ?  Why
    3)  If I claim as a business do I start when we move into our
        new home or when this venture started ?
    
    Thanks/
    Cindy
                                                  
    
T.RTitleUserPersonal
Name
DateLines
1179.1Posibility??ASABET::NICKERSONKATHIE NICKERSON 223-2025Tue Feb 27 1990 10:146
    Do you get the Yankee Pedlar in the area?  There should be some listed
    there.  The only one that I have come across (haven't used her but
    close friends have) is Pat Khani.  She used to specialize in Horses.
    I know her number must be in The Pedlar.  Will look it up for you if
    you are interested.
    
1179.2Check it out thoroughlyDECWET::DADDAMIOTesting proves testing worksTue Feb 27 1990 16:1412
    I don't know what the tax laws are now, but when we boarded our horses,
    the owners of the barn said that the IRS expects you to make a profit
    for at least 2 years out of every 7 years, or show that you are running
    the farm as a business with the intent of making a profit.  Our
    neighbors in NH had a big breeding operation which they did not declare
    as a business because they barely broke even from one year to the
    next and felt it was too much trouble to deal with the IRS on it.
    
    On the lighter side, you might want to read "Losing Less Money Raising
    Horses" by Margaret Gardiner.
    
    						Jan
1179.3Appreciate the helpTOLKIN::CKJERTINGTue Feb 27 1990 16:1811
    Thanks so much for the response.  I do get The Pedlar, however I haven't
    seen anyone listed for tax purposes.  I would appreciate the # if
    it isn't too much trouble.    
    
    I have been a "reader" of this file for such a long time, it's nice 
    talking to someone.   Excellent information sharing, I've learned
    alot.
    
    Thanks again Kathie
    
    Cindy
1179.4Pat's numberWJOUSM::NICKERSONBob Nickerson DTN 282-1663 :^)Sun Mar 04 1990 11:115
    Pat is with Khani, Lapointe, and Torrifi.  The number is (508)794-5700
    in North Andover Mass.
    
    Kathie