Advantages of Thoroughbred Horse Racing Partnerships – Tax Advantages
DISCLAIMER: Â We are not certified tax advisors nor are we giving tax advice. Â If you choose to participate in a horse racing partnership with Jeff Greenhill and Greenhill Racing Stables, please contact a Certified Public Accountant.
Now that we have the disclaimer out of the way, let’s talk about a few things I have learned over the years.
In order to benefit from the tax deductions available to horse racing partnerships, investors must prove that they are “active” participants to deduct expenses from their everyday income such as a salary or contract labor. If you are classified as “passive” horse racing partnership investor, you may be allowed to deduct expenses/losses against other passive income streams such as stocks, bonds, real estate, etc…
Here are a few questions to ask yourself (not tax advice). The answers will help to determine whether activity in a thoroughbred horse racing partnership would be deemed “active”:
- Is your share of the horse racing partnership run in  a business like manner, indicative of trying to make a profit?
- Are you keeping complete and accurate financial records?
- Are you documenting all of your time and effort?
- Are you dependent on the income from your horse racing partnership for your livelihood?
- We recommend a Plan B!
- Are losses beyond your control or normal startup costs?
- Can you tell a horse not to kick the stall? Can you prevent airborne illness?
- Do you have the ability to change methods to improve profitability?
- Change your trainer to Jeff Greenhill
- Are you looking to make a future profit from the breeding rights and purse winnings?
We are looking for new and experienced individuals who would like to benefit from the tax advantages of horse racing partnerships provided by the internal revenue service (IRS). Contact us today at 502-693-8796 to learn more about our current thoroughbred horse racing partnership opportunities!
Again………
DISCLAIMER: Â We are not certified tax advisors or giving tax advice. Â If you choose to participate in a horse racing partnership with Jeff Greenhill and Greenhill Racing Stables, please contact a Certified Public Accountant.
Written by: Jeff Greenhill - February 19th, 2011
Posted in Horse Racing Partnerships, Thoroughbred Partnerships
Tags: IRS, Jeff Greenhill, Profitability, Tax Advantages
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