I heard an awesome rumor that all the boarding, vet, farrier, and food bills for Walter can be deducted from my taxes until Walter is actually my horse. Is this true? Does anyone know how I would do this?
According to that we need a letter from you if we claim over $250 in deductions? Is that true?
I do not want to start a tax thread here because we cannot legally give any advice in regard to taxes and donations to MHWF. Having said that, we always give a receipt for any donation of $250 or more......not for a year total, but for a one time donation. Donations through PayPal can be printed out from your PayPal account at any time, if your donation was sent through PayPal.
Faye - WI
I will share what we did. And yes, our tax guy rolled his eyes... but in the end did agree. He's not a horse guy.
We did deduct what many consider the standard cost of owning a horse for one year, $1,000. Now we all know that it can cost much more than that too. However when you consider annual vaccinations from a licensed Vet, regular farrier work, regular feed (nothing special here) this isn't out of line. No time or shelter or fencing etc really included. And add anything extra and this goes up really really fast. Shoes, boots, halter, lead ropes, blanket, special supplements, even one extra vet call.. Basically, ach person has to be able to defend what they deduct if audited.
And, you can only deduct what you need to purchase to keep the horse healthy and alive, feed, vet, farrier, shots, de-wormers, etc.
Tack, fencing, property, etc. cannot be deducted.
And for those of us that volunteer for Green Bay Packer games we can deduct milage too
I deducted board, shod and vet those first 5 years - had no issues. Not to say someone else might.
I was going to return Jett to MHWF after 5 years and re-adopt him Just kidding