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In reply to the discussion: It's past time to end the "pony envy" [View all]magical thyme
(14,881 posts)It is not a prescribed therapy or medical deduction. It is simply an activity that she finds therapeutic. Btw, riding horses is considered therapy for many disabilities, both physical and emotional, and used to be pretty widely available. There was a center just a few miles from my house and the little girl across the street from me participated. Sadly, due to funding cuts, the center closed. Too bad Ann and Mitt can't see beyond themselves and support such centers to help those who can't afford it. That is another legitimate criticism of the Romney's.
The tax write-off (which failed, btw) is a partnership with their trainer and another partner. They jointly own "Rafalca," the Olympic horse, as a business.
If and when they sell Rafalca, they will realize either profits or losses. And like any other business, if they fail to show a profit after some number of years, it is declared a hobby and no deductions are available.
They tried to claim a $77,000 deduction for their expenses as part owners of Rafalca. I don't know how many years those expenses covered, but they were only allowed a $49 deduction for 2010.