Quote:
Originally Posted by Lose The Juice
Back to the OP, this goes back to the late 80s, when Congress gutted the tax deduction on horse-ownership losses. Within a few years, the old-line stables that used to bring in untold numbers of quality hosses a year to NY -- Tartan, Darby Dan, Bwamazon, Christiana, Greentree, Rokeby, Harbor View, etc. -- all more or less disappeared, though the Darby Dan heirs still race a few with Jim Toner. Phipps, thank God, stayed on.
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As long as you show a profit two out of seven years (I believe that's the test), you can deduct horse-ownership losses just like any other business. What advantages were there in the late 80s? I'm guessing maybe some sort of accelerated depreciation, but I'm curious to know. Thanks.