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In reply to the discussion: Romney family’s dressage horse-related tax deductions last year exceeded median USA household income [View all]AllyCat
(15,987 posts)42. I'm going to agree with rider...those saddles are custom and extremely expensive.
I doubt they got a deal on this. It's kind of a status thing too to talk about your "custom saddle" and how much it all cost and how long it took to make.
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Romney family’s dressage horse-related tax deductions last year exceeded median USA household income [View all]
kpete
Jun 2012
OP
There are "non-profit" groups that allow rich folks to write off all kinds of hobbies...
rfranklin
Jun 2012
#34
In one of my former positions I had to check tax returns for some wealthy individuals
Digit
Jun 2012
#57
I had a wealthy aunt who had a 12-year old Buick Electra 225 that the transmission went out on
NNN0LHI
Jun 2012
#65
Not exactly. The IRS definitions of hobby and business are not terribly hard to understand.
slackmaster
Jun 2012
#76
Assuming that each of the owners claimed an equal amount of loss, that means
Arkansas Granny
Jun 2012
#5
As a pro in the dressage biz, I'd be VERY interested in seeing their tax returns on this
riderinthestorm
Jun 2012
#6
You can't buy these retail. The saddler flies out and creates it for the horse and rider
riderinthestorm
Jun 2012
#16
I'm going to agree with rider...those saddles are custom and extremely expensive.
AllyCat
Jun 2012
#42
You don't compete for money in dresssage. Their "business" model presumably revolves around sales
riderinthestorm
Jun 2012
#88
He And His Family Are Just Practicing Their Lordship Skills - It's In The Memo
cantbeserious
Jun 2012
#8
I've been audited 3 times in 25 years. Horse businesses are targeted by the IRS
riderinthestorm
Jun 2012
#10
Almost sounds like the competitions are set up deliberately to provide a tax shelter.
malthaussen
Jun 2012
#18
I can only tell you from my experience. The competitions we've run have made money
riderinthestorm
Jun 2012
#22
I've never looked into Anne's horse activities but I suppose selling a horse or two could help.
bklyncowgirl
Jun 2012
#60
I'm thinking Rafalca's going to get a lot of media attention at the Olympics this year.
tanyev
Jun 2012
#12
FRH means he's a registered Hanoverian sporthorse. Its a breed association.
riderinthestorm
Jun 2012
#26
Honestly, looking into his Mexican labor force for his horses IS probably a sure fire thing
riderinthestorm
Jun 2012
#27
There's some misunderstanding about this All-American sport. If you're thinking of
dimbear
Jun 2012
#43
I find it disgusting to live in a world that allows this kind of thing. nt
Comrade_McKenzie
Jun 2012
#44
Here's how. Have your trainer sell a lame horse to some sucker for six figures. NYT
bklyncowgirl
Jun 2012
#66
Isn't this basically a hobby? Would a regular person without fancy tax lawyers be able to write off
yellowcanine
Jun 2012
#67
Unless it was a very expensive hobby it probably wouldn't be worth the trouble.
LeftyMom
Jun 2012
#80
He got a bigger deduction for a hobby horse than most people are paid for their work in a year. n/t
jtuck004
Jun 2012
#72