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Discussion on Tax treatment of horse breeding business
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Member:
Cspanhel
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Posted on Friday, Jan 12, 2007 - 11:20 am:
Hi, Can anyone recommend a reference book or web site (or tax software) for learning about tax & horse breeding? I file a farm and ranch (F&R) return every year, but it's just now that my broodmares are coming into production. I 'heard' that I should be expensing my horses until they go into production, then capitalize and depreciate them. The F&R return software (TurboTax) doesn't address any of that...
I have a computer system for tracking all my expenses...
I suppose I could read the IRS code...but haven't tried that yet...
Thanks in advance!!
cynthia
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Member:
Lhenning
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Posted on Friday, Jan 12, 2007 - 4:31 pm:
Hi Cynthia,
Here is a link to the IRS book that explains your tax situation. You don't have to read the IRS code to find answers as they have many publications that explain things. Specifically, look at chapter 3.
id%3D6982%2C00.html,https://www.irs.gov/businesses/page/0,,id%3D6982,00.html
You might find it helpful to purchase accounting software that is for farms. I've never looked into this myself, but I would think with all the farming industry we have in this country, there would be such an item. What you are doing is more related to the bookkeeping side, which then transfers to the tax returns.
Hope this helps.
Linda
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Member:
bucky
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Posted on Friday, Feb 9, 2007 - 5:05 pm:
Valley Vet has this book (I realize it isn't exactly what you are looking for but may help):
IRS Tax Guide to Auditing Horse Activities
https://www.valleyvet.com/ct_detail.html?PGGUID=e58e2ed5-3bab-4145-a46a-5b01775e8 7bd
We started with cattle last year and I was also looking for software to manage things. Here is a few you could look into, most have free trials so you can see if it has the tax things you need.
https://www.equivision.net/page2.html
https://www.lionedge.com/index.ht
https://www.redwingsoftware.com/rwssn/?Page=27
Hope this helps a little late!
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