Most performance horse owners begin their horse ownership and performance horse activities for purposes other than pecuniary (monetary) gain. Nevertheless, many hope eventually to turn a profit as their horse progresses in skill or as their
What happens to your horse in the time between your death and probate of your will? When your will actually goes through the probate process, will your wishes regarding care of your horse be enforceable? Will they be honored by the probate court?
When a taxpayer sells a performance horse at a profit, generally that realized profit is recognized and subject to tax as either ordinary income or capital gain. The like-kind exchange rules provide a special exception that allows taxpayers to avoid
Because the IRS criteria for claiming a home-office deduction are so specific, and because the pros and cons of a home-office deduction vary by each individual situation
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