I would not call it a bucket list item, but some day I would like to own a small piece of a thoroughbred. Mostly likely it would have to be a horse stabled at my local track Charles Town.
I do not have unrealistic expectations in that I know the possibility of making any profit is slim to none, even with benefit of the tax code.
For me to pull the trigger, I would need to:
--- Reasonably assess and understand all the planned and unplanned expenses
--- Identify a trustworthy and willing investment partner
--- Identify a competent trainer (who could also be an investment partner)
--- Have some discussions with my Tax Accountant to learn the legal requirements to maximize the tax benefits
--- Run some what/if scenarios in Microsoft Excel with budgeted expenses and possible race results (purse earnings), and determine if I can live with some of the worst cases financially. (In other words, how much "fun" money I am willing to part with.)
The above is not meant to be an exhaustive list of required activities but are certainly important. I also have a racing friend who has owned some horses (in partnership with some others), so that could help with some of the above.
And perhaps one final consideration, which could be an absolute show stopper..............securing my wife's blessings to do this!
