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  1. #1
    Join Date
    Jan. 24, 2008
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    Michigan
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    247

    Default Donating to CANTER

    Quick question:....

    what is the tax write-off for donating a horse to CANTER??



  2. #2
    Join Date
    Oct. 14, 2000
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    Now In the Sandhills, NC mostly
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    Default

    Depends on the horse. anything over 5K needs a written appraisal.



  3. #3
    Join Date
    Jun. 5, 2006
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    934

    Default

    Fairweather is correct- you can claim any reasonable value up to $5K- over that you have to have a professional written appraisal and there are also now IRS forms you have to fill out-if you want the NFP to provide a letter certifying that the horse had that value over $5K. IF you want to claim greater than $5K and do not want to provide a written appraisal from a professional, a rescue can simply give you a letter stating you donated such and such a horse but the letter will not attest to any specific value- you can then put whatever on your return and justify it to the IRS if they call you on it. We had one horse that I know was valued at well over $250K, we provided the letter stating he was donated to MAHR but did not certify the value, and the owner claimed what he wanted in his return with the blessing and backup of his accountant, lawyer, and financial records.



  4. #4
    Join Date
    Jan. 24, 2008
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    Michigan
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    247

    Default

    Okay thanks!

    One of the others at the barn acquired a horse and was using the "well if she doesn't work she goes" and the "Go" would be to Jaron- so I was using the "WAIT! you could get a tax write off! if you donate her to CANTER"...

    I wanted to make sure I wasn't bluffing..



  5. #5
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    Oct. 14, 2000
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    Default

    If it's still actively racing and Michigan is taking horses, that is.



  6. #6
    Join Date
    Jan. 24, 2008
    Location
    Michigan
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    247

    Default

    that or I put her on the waiting list and "store her" at Annikak ( cause she is the fab step mom)..



  7. #7
    Join Date
    Mar. 8, 2004
    Location
    Baltimore, MD
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    Default

    We usually put them at the lowest claiming price they ever ran for assuming that was less than 5k or at $4900 if they never ran for less than 5k. Not worth getting an appraisal to go over the 5k mark in my opinion.



  8. #8
    Join Date
    Jul. 24, 2009
    Posts
    43

    Default

    Quote Originally Posted by Laurierace View Post
    We usually put them at the lowest claiming price they ever ran for assuming that was less than 5k or at $4900 if they never ran for less than 5k. Not worth getting an appraisal to go over the 5k mark in my opinion.
    Great pictures of your horses and your family!



  9. #9
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    Mar. 8, 2004
    Location
    Baltimore, MD
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    19,592



  10. #10
    Join Date
    Dec. 1, 2008
    Posts
    64

    Default

    Quote Originally Posted by Laurierace View Post
    We usually put them at the lowest claiming price they ever ran for assuming that was less than 5k or at $4900 if they never ran for less than 5k. Not worth getting an appraisal to go over the 5k mark in my opinion.
    ummm arent you the same one who was asking me what tax dodge I was talking about on another thread?



  11. #11
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    Mar. 8, 2004
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    Baltimore, MD
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    Default

    You call THAT a tax shelter? That explains everything. [edit]
    Last edited by Moderator 1; Aug. 26, 2009 at 02:42 PM. Reason: personal commentary



  12. #12
    Join Date
    Feb. 3, 2000
    Location
    Nokesville, VA
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    35,040

    Default

    IRS form 8283

    You can google it

    f8283 is the form
    i8283 is the instructions
    Janet

    chief feeder and mucker for Music, Spy, Belle and Tiara. Someone else is now feeding and mucking for Chief and Brain (both foxhunting now).



  13. #13
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    Feb. 3, 2000
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    Nokesville, VA
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    Default

    Quote Originally Posted by Big Yellow Taxi View Post
    ummm arent you the same one who was asking me what tax dodge I was talking about on another thread?
    How is taking a smaller deduction when you might be entitled to a larger one a "tax dodge"?
    Janet

    chief feeder and mucker for Music, Spy, Belle and Tiara. Someone else is now feeding and mucking for Chief and Brain (both foxhunting now).



  14. #14
    Join Date
    Jul. 19, 2007
    Location
    Michigan
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    10,269

    Default

    Methinks somebody is not as familiar with the IRS and income tax loopholes than s/he thinks they are...



  15. #15
    Join Date
    Dec. 1, 2008
    Posts
    64

    Default

    This is from the CANTER website:

    Can I have a tax write-off for fostering a CANTER horse?

    Donation receipts are given for anybody who fosters a CANTER horse. Any tangible expense related to the care of said horse is typically tax deductible, however we encourage you to speak with a CPA regarding this manner.



  16. #16
    Join Date
    Mar. 16, 2002
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    I'm sorry..., what?
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    311

    Default

    Quote Originally Posted by Big Yellow Taxi View Post
    This is from the CANTER website:

    Can I have a tax write-off for fostering a CANTER horse?

    Donation receipts are given for anybody who fosters a CANTER horse. Any tangible expense related to the care of said horse is typically tax deductible, however we encourage you to speak with a CPA regarding this manner.
    And you what? Even with the availability of a tax deduction, it is STILL darn hard to find reliable fosters that will absorb those costs. And really, what kind of "huge" tax deduction are we talking here? Tangible expenses (allocated costs for hay, grain, bedding) is not a huge amount for one horse. It is extremely rare to find a foster who will also pay for vet and farrier out of pocket. Those expenses typically get billed to the non-profit organization.

    And it is rare, rare, rare to find someone who can afford to absorb thoses costs for more than one horse. Nope - not too many really rich folks looking to "shelter" their money in fostering a bunch of former racehorses.

    I can see how the comment of reducing the number of racetracks may have caused your ire against CANTER. But the argument that CANTER represents a bunch of high living tax dodgers is about as realistic as the prospect of seeing racing once again at Hialeah.

    And realistically, tracks get closed because they aren't making money, not because of the wishes of a few frustrated folks that work hard to find homes for the horses.



  17. #17
    Join Date
    Dec. 1, 2008
    Posts
    64

    Default

    So horse adopters as a group are wealthier than average or less wealthy than average? I think I know the answer to that one.

    Its still a tax dodge. You keep horses because you like horses. And you pay less tax than you would if you kept (say) antique coffee makers or exotic tricycles instead.



  18. #18
    Join Date
    Nov. 15, 2006
    Location
    Lexington, Kentucky
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    3,275

    Default

    So as far as that theory goes, I paint because I like to paint and I can write stuff off. Doesn't matter that I sell them. It's all about "dodging taxes", right? Speaking of painting, you're using a really broad brush, Big Yellow Taxi.
    We're spending our money on horses and bourbon. The rest we're just wasting.
    www.dleestudio.com



  19. #19
    Join Date
    Oct. 14, 2000
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    Now In the Sandhills, NC mostly
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    Default

    Oooh, thats giving me a good laugh! Thanks!

    We have exactly *one* horse in foster care. You found us out! DAMN! Now how are we going to shelter all those millions!?? Our ONE foster facility will get to write off (if she so chooses) the cost of bedding, grain and hay. Thats it. that's a whopping 100$ a month. That actually could be, like, 450$ on her tax returns! Oh, and the diamond shoes she bought for the horse, but she only gets to write those off if CANTER gets to keep them.

    Still laughing!

    More evidence that you are ignorant as to how things actually work, and don't actually want to know and are instead trying to rile folks up.

    If you have legitimate concerns, I'm ALWAYS happy to answer questions, open the books, show people around. We are as transparent as I know how to be, which is why your [personal] jabs aren't going to bother me.



  20. #20
    Join Date
    Dec. 1, 2008
    Posts
    64

    Default

    http://www.canterusa.org/index.php?o...120&Itemid=130

    All donations are fully tax deductible and every penny helps the horses.

    You've got the taxman coming and going. Someone donates a horse, gets a writeoff, someone else ends up feeding it, gets a deduction, and someone else else donates to help you, also gets a deduction.

    Plus I thought you were going to ignore me...



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