Can I use my horses as a deduction and if so how would I go about doing it?

Question

I have horses an I would like to know if I can claim them on my taxes?

Answer 1

As well as the other answers, I was able to claim one of my horses as a charity deduction because she was a adopted from a registered horse rescue charity, but she could only be deducted the year I bought her.
If you use them for charity work you would be able to deduct expenses.

Answer 2

The only way you can claim your horses as tax deduction is if your property is Ag exempt, if the horse is adopted from a charitable horse foundation, or if you are running a legitimate equine business- IE..training, breeding, boarding. I should warn you though that claiming you are running a business if you are not will hurt you more than help you. This is because you have to report any monetary benefits you've made off of selling, training, or boarding. That money is added to your yearly income and may place you in a different tax bracket and if you haven't filled out any 1099 forms than you could be paying money back to the government for those self-employment taxes.

Hope this helped you

Answer 3

Only if you are running a business. Uncle Sam has really cracked down on this and will get ya. Consult a tax specialist but be real careful about using them inappropriately.

Answer 4

You may be able to claim an Agriculture Exemption on your land taxes.

Answer 5

only if you are using them in a legitimate commecial venture, such as breeding. If you are farming and ONLY use draft animals, no mechanized equipment, you may be able to do something with that.

Answer 6

Only if they have social security numbers.

Answer 7

No.