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Tax Breaks/Deductions for Horse/Farm owners?

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  • Tax Breaks/Deductions for Horse/Farm owners?

    I'm a little bitter.

    With all the tax breaks available to new home owners, new car owners, the unemployed, etc., I'm feeling a little annoyed that I haven't been able to find any I can take.

    I rent my property, have 3 horses (2 unusable), have a decent sized credit card bill, and have definitely been unable to buy my own place.

    I know my horses are a choice, and I've had the ethical debate over my financial future vs. my 2 unusable horses with myself, but the horses always win.

    Anybody know of any tax breaks/deductions for horse owners? Or renting a farm? Anything???

  • #2
    You have to run a business out of your farm. Then a lot of day to day expenses become attributable to the business.

    Horse businesses are a red flag, too many of the wealthy have tried to shelter their income in what is really their hobby. Apart from that, consult your accountant.
    Courageous Weenie Eventer Wannabe
    Incredible Invisible


    • #3
      Get a copy of IRS Publication 225, Farmers' Tax Guide.
      It will tell you what you might be able to deduct on
      taxes. Even if you have a hobby and not a business,
      you can deduct expenditures related to the hobby
      up to the amount of income the hobby generates.
      The critical issue is that your horses have to generate
      some income somehow for you to take any deductions
      related to their expenses. This is a simplified statement
      and like all such is not completely and absolutely
      correct, but it generally applies.
      Robin from Dancing Horse Hill
      Elmwood, Wisconsin


      • #4
        Obviously it varies state to state, but in NY if you are a farm you don't have to pay sales tax on farm related items. This saved a lot of money when we bought the pick up truck!

        Again in NY, if you qualify for an agricultural exemption you can dramatically lower your property taxes (but since you are renting, that doesn't apply anyway). The rule for that is you have to have 10 horses, at least 7 acres and gross $10,000 a year.

        Perhaps a bit of a stretch, but if you foster for a TB rescue (Rerun? not sure) you can claim a certain amount as a charitable contribution. Something like $35/week from memory (which is unreliable!). Meaning, if you keep a horse for them you can claim $35 for every week the horse was with you as a charitable donation.

        Those are the only ones I know!
        Follow us on Instagram: https://www.instagram.com/peonyvodka/


        • #5
          PA tax breaks

          Anyone have advice on PA tax breaks. I heard that some counties have a homestead farm credit?!?!? Any horsie accountants out there


          • #6
            I've herd something mentioned about the homestead credit. The easiest thing you can do is go to the pa department of revenues website and look it up.

            For hobby losses- you have to have generated income for a certain number of years i believe.

            The fed government dosent give many taxes break opportunities to people, besides itemized deductions. They do however give alot of breaks to businesses, so unless you make money off those horses there's nothing you can really get. Maybe a charitable deduction if you donate their old tack, blankets ect to a local nonprofit/ charity?


            • #7
              Originally posted by bluedapple View Post
              Anyone have advice on PA tax breaks. I heard that some counties have a homestead farm credit?!?!? Any horsie accountants out there
              Pennsylvania confuses me. I have been looking at Agricultural tax rebates since casually looking for a farmette and other than no limit on amount of land or horses, I do not understand PA law.

              I know in Maryland, all you need is 5 horses to get a Agricultural tax credit. It does not have to be a business and there is no limit to the amount of land. In Maryland, as long as you have at least 1 acre, you can have as many horses as you want.

              I know in some states you have to breed horses or have a business - in my memory, these states are farther west. I'm not sure if that has anything to do with it.


              • #8

                One change for the federal return this year is that you can deduct your real estate taxes, up to 1000 for married filing joint, without itemizing. Big change from prior years.