Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
Here's a stat that needs to be seen far and wide... Cooley Hurd Jun 2012 #1
All the wealthy people I know are anal about this stuff NNN0LHI Jun 2012 #2
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
It's true. The more they have, the cheaper they are. nt valerief Jun 2012 #63
I had a wealthy aunt who had a 12-year old Buick Electra 225 that the transmission went out on NNN0LHI Jun 2012 #65
Who knew horse dressage was so expensive? pinboy3niner Jun 2012 #3
That horse looks inebriated. Yo_Mama_Been_Loggin Jun 2012 #36
If you were a horse and somebody dressed you like that... pinboy3niner Jun 2012 #47
Hello *hic* Art_from_Ark Jun 2012 #81
Mr. Ed--another victim of horse dressing... pinboy3niner Jun 2012 #86
how do you deduct a 'hobby' ???? spanone Jun 2012 #4
They must be running their hobby as a business aint_no_life_nowhere Jun 2012 #13
I'm sure the horse operation is a business for the rMoneys. riderinthestorm Jun 2012 #15
It may be a business or a hobby slackmaster Jun 2012 #78
Not exactly. The IRS definitions of hobby and business are not terribly hard to understand. slackmaster Jun 2012 #76
Don't know. Yo_Mama_Been_Loggin Jun 2012 #38
Great question. nt valerief Jun 2012 #64
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
Wouldn't surprise me that they only paid $1,000 on a dressage saddle NNN0LHI Jun 2012 #11
You can't buy these retail. The saddler flies out and creates it for the horse and rider riderinthestorm Jun 2012 #16
I agree that you and I can't buy these retail NNN0LHI Jun 2012 #23
Oh I've seen it too but the saddle thing is a long shot riderinthestorm Jun 2012 #29
It doesn't have to be a kid wanting to break into the hobby NNN0LHI Jun 2012 #31
I'm going to agree with rider...those saddles are custom and extremely expensive. AllyCat Jun 2012 #42
Bearing in mind the expenses were split 3 ways... OVERPAID01 Jun 2012 #61
Oh its a dressage saddle. Ann's a dressage queen of the highest order riderinthestorm Jun 2012 #85
I'm a "dressage rider" too cilla4progress Jun 2012 #68
Know that feeling. AllyCat Jun 2012 #74
same same! cilla4progress Jun 2012 #84
They get DEDUCTIONS for their horse hobbies? annabanana Jun 2012 #7
Which form can you claim deductions on dressage? Rosa Luxemburg Jun 2012 #54
If you run dressage as a business, it goes on Form 1040 Schedule C jmowreader Jun 2012 #55
I thought it was a sport? Rosa Luxemburg Jun 2012 #56
You can compete for money. antigone382 Jun 2012 #73
remember the days when the Olympics was for AMATEURS? AllyCat Jun 2012 #75
You don't compete for money in dresssage. Their "business" model presumably revolves around sales riderinthestorm Jun 2012 #88
Thanks for the clarification. antigone382 Jun 2012 #89
Schedule A, line 23 if it's a hobby. Schedule C if it's a business. slackmaster Jun 2012 #83
He And His Family Are Just Practicing Their Lordship Skills - It's In The Memo cantbeserious Jun 2012 #8
No wonder he's balking on showing his tax returns Frustratedlady Jun 2012 #9
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 think that you are on to something Tom Ripley Jun 2012 #19
I can only tell you from my experience. The competitions we've run have made money riderinthestorm Jun 2012 #22
I have a friend working around the business malthaussen Jun 2012 #28
we had family friends that used their race horse hobby as a tax shelter magical thyme Jun 2012 #49
No matter what the topic on DU eridani Jun 2012 #59
I've never looked into Anne's horse activities but I suppose selling a horse or two could help. bklyncowgirl Jun 2012 #60
Business as usual. lonestarnot Jun 2012 #24
Post removed Post removed Jun 2012 #25
I'm thinking Rafalca's going to get a lot of media attention at the Olympics this year. tanyev Jun 2012 #12
K & R Scurrilous Jun 2012 #14
as a kid, I watched a number of Olympics hfojvt Jun 2012 #17
FRH means he's a registered Hanoverian sporthorse. Its a breed association. riderinthestorm Jun 2012 #26
A tax deduction rks306 Jun 2012 #20
But he's a job creator GeorgeWW3 Jun 2012 #21
Honestly, looking into his Mexican labor force for his horses IS probably a sure fire thing riderinthestorm Jun 2012 #27
A BIG THANK YOU Bohunk68 Jun 2012 #33
Highly unlikely OVERPAID01 Jun 2012 #62
Please send this point to someone who can look it up... uponit7771 Jun 2012 #71
Hey cool, I should be able to deduct my videogames. Marr Jun 2012 #30
1000 recs. SO out of touch. Rose Siding Jun 2012 #32
But think of all the jobs created. Yo_Mama_Been_Loggin Jun 2012 #35
I had thought you couldn't take deductions for hobbies! treestar Jun 2012 #37
Here's a copy of the full text of the Romney 203 page tax return aint_no_life_nowhere Jun 2012 #39
Well, someone had to be paid to dress them. LOL n/t Bonhomme Richard Jun 2012 #40
Wow. I'd like to see that number spread far and wide. fishwax Jun 2012 #41
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
Hmm I'd better start to itemize my hobbies too nadinbrzezinski Jun 2012 #45
I know artists who Mz Pip Jun 2012 #46
You might be able to deduct your expenses Retrograde Jun 2012 #52
I think the average lifespan of a horse is 25-30 years Buns_of_Fire Jun 2012 #48
Fancy Horse Steppin' is an Olympic event and Fancy Pageant Walkin' ISNT? Buns_of_Fire Jun 2012 #50
so i can take off loses for my pet dogs too? NMDemDist2 Jun 2012 #51
I didn't think hobbies were tax deductible. n/t BlueToTheBone Jun 2012 #53
Since when do you get a tax deduction for owning a horse?! Rhiannon12866 Jun 2012 #58
Here's how. Have your trainer sell a lame horse to some sucker for six figures. NYT bklyncowgirl Jun 2012 #66
The Romneys have been pulling variations on that scam for a long time. LeftyMom Jun 2012 #77
Isn't this basically a hobby? Would a regular person without fancy tax lawyers be able to write off yellowcanine Jun 2012 #67
Prince Romney requires dressage horses, car elevators and many other things KurtNYC Jun 2012 #70
Unless it was a very expensive hobby it probably wouldn't be worth the trouble. LeftyMom Jun 2012 #80
Wow gaspee Jun 2012 #69
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
That factoid puts things into perspective slackmaster Jun 2012 #79
In -some- conversations I try to look for opportunities like that. Hard to open a window into a mind jtuck004 Jun 2012 #82
K & R lonestarnot Jun 2012 #87
Latest Discussions»General Discussion»Romney family’s dressage ...»Reply #69