Tax Resources

Scav · #1 02-01-2007, 08:19 PM

You are paying taxes on ALL your wagers?

You should only be paying taxes on at 'signers' and all that should be written off as a loss.

tanner12oz · #2 02-02-2007, 07:23 AM

ummmm i think hes an owner wanting to know how to write off his horses.....not wagers

Thoroughbred Fan · #3 02-02-2007, 07:48 AM

Everyone I know who has horses formed an LLC. Then all you do is send your financial stuff to your accountant and he would produce a K-1. You use that on Schedule C, I believe.

-TF