Join Date: Oct 2009
Location: Just south of sanity
In order to write off a horse, the animal has to be considered a depreciable asset to your business.
For example, school horses are usually insured for a certain amount, and they generate income for the owner. Once a horse is retired or dies, the owner can write off the asset on their taxes as a loss. But only on the amount that hasn't been depreciated.
That's an extremely simplified explanation, but basically how it works.
The average person can't just get a tax write off for their pleasure horse. As a hobby farmer, I don't even qualify for livestock tax exemption status. If I wanted that, I'd have to breed or otherwise use my horses to generate a percentage of my income.
You want the truth? You can't HANDLE the truth!