Quote:
Originally Posted by AndyC
Your understanding of the new tax law is 100% incorrect. The passive loss rules were not changed to allow an offset against other income. You should delete your post so other uninformed people don't use it as a reason to make a horse buying decision.
|
I'm uninformed likely because its not my core knowledge base. I picked it up on the Centennial Farms website. I have some limited experience with selling passive losses and know enough to be stupid about it.
In reading this
The expense allowance can only be used against taxable income from the horse business or any other business from which the taxpayer has income, including salaries. It is reduced dollar for dollar once qualified investments exceed $2 million.
So quite likely I have expense deduction or passive income incorrectly labeled or worse.
Just from that language I concluded changes to passive income, but thanks for the lesson. Being uninformed sometimes leads to being better informed, so thank you.
http://centennialfarms.com/investor-info/tax-benefits/
