![]() ![]() Unfortunately, deducting hobby expenses is tricky. ![]() Second, if your equestrian activities don’t constitute a business but rather amount to a hobby, you may be able to deduct any hobby expenses to the extent you have hobby income.įor example, if you earn $1,000 from training or in some contest or for boarding a friend’s horse, you may be able to deduct up to a $1,000 of horse expenses as hobby expenses. If you’re a horse trainer and you own and use a horse to provide lessons, for example, you can probably depreciate that horse and deduct all of your horse-related expenses as business deductions. Yes, they may be-and in a couple of circumstances.įirst, if your equestrian activities constitute a business, you can deduct any of your ordinary and necessary horse expenses as business expenses. ![]() ![]() Are Horse Expenses Ever Deductible on a Tax Return? What follows is my interview-an interview that happens to be with my father, the managing member of local CPA firm in Redmond, WA. Probably every horse owner spends time during tax season looking at their horse expenses and wondering whether any can be turned into tax deductions.Īccordingly, I thought, given the time of year, that I’d ask a tax CPA about all this. ![]()
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