Can I claim it as a tax write -off ?
2007-02-15 11:42:40 · 6 answers · asked by Anonymous in Pets ➔ Other - Pets
Yes you can but the value has to established by either the organization or a horse apprasier. I've donated before to a vet hospital...the value was set by them. Any extrondiary amount will be flagged for audit.
2007-02-15 12:43:50 · answer #1 · answered by dressage.rider 5 · 0⤊ 1⤋
No you can't. It would be different if you were adopting an horse from a charitable adoption agency, but having a horse is considered a luxury. So the most you would be doing by donating a horse to an auction or equine adoption foundation is the equivalent of you dropping a dog or cat off at an animal shelter. Where you in the end turn a profit from not feeding or housing the animal. and in a horses case- that is a lot of feed and stable fees.
My advice is if you are looking to sell your horse is try and private sale or consign him to someone who will sell him for you. You won't have to fill out a 1099 because you are not running a business so in the end you'll be making money off the sale of the equine- other than that. You can donate him to any equine shelter or there are even 4-H programs that do raffles or essays for a person to win the horse.
2007-02-16 03:07:54 · answer #2 · answered by silvaspurranch 5 · 0⤊ 1⤋
Nothing to do with the tax aspect, but I would also make sure it will only be raffled to people who will know what they are doing with it should they win!
In the UK at least, generally donations to charity are written off against tax, but your best bet is to ask an accountant, better a small fee for checking than a big fine for filing your taxes wrong!
2007-02-15 19:51:09 · answer #3 · answered by cymraesgwyllt 4 · 1⤊ 0⤋
First it would have to be a registered charity for it to be a tax write-off.
Second are you sure you would want just anyone who could buy a ticket to be able to take this obviously valuable horse home? I'm sure you care about your horses and where they end up at just like the rest of us, but how can you be certain he'll end up with a good home?
Please be careful
2007-02-15 23:33:40 · answer #4 · answered by Riley 4 · 0⤊ 1⤋
I'm not totally sure, but I'm guessing it depends on the classification of the group you are giving it to. Don't be afraid to call someone who deals with taxes...there are a LOT of little stipulations that must be met, so it's better to be safe than sorry!
2007-02-15 19:48:28 · answer #5 · answered by missknightride 4 · 0⤊ 0⤋
You could donate it for charity purposes, however the organization would have to have a tax ID number, etc. and you'd have to have the horse appraised for it's value.
2007-02-15 19:58:18 · answer #6 · answered by Anonymous · 0⤊ 1⤋