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kpete

(72,903 posts) Sun Jun 17, 2012, 11:51 AM Jun 2012

Romney family’s dressage horse-related tax deductions last year exceeded median USA household income [View all]

Romney family’s dressage horse-related tax deductions last year exceeded median U.S. household income

Those Romneys! Just your typical Leave It to Beaver family, spending $1,000 on saddles, six figures on dressage horses, and who knows what on practical jokes, switcheroos, and oopsies!

Who couldn’t relate to this? He feels our pain, it’s so obvious:

The Romneys declared a loss of $77,000 on their 2010 tax returns for the share in the care and feeding of Rafalca, which Mrs. Romney owns with Mr. Ebeling’s wife, Amy, and a family friend, Beth Meyers.

http://www.slate.com/blogs/moneybox/2012/06/16/the_tax_deductibility_of_horse_related_expenses.html
http://thepoliticalcarnival.net/2012/06/16/romney-familys-dressage-horse-related-tax-deductions-last-year-exceeded-median-u-s-household-income/

89 replies

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Romney family’s dressage horse-related tax deductions last year exceeded median USA household income [View all] kpete Jun 2012 OP

Here's a stat that needs to be seen far and wide... Cooley Hurd Jun 2012 #1

All the wealthy people I know are anal about this stuff NNN0LHI Jun 2012 #2

There are "non-profit" groups that allow rich folks to write off all kinds of hobbies... rfranklin Jun 2012 #34

In one of my former positions I had to check tax returns for some wealthy individuals Digit Jun 2012 #57

It's true. The more they have, the cheaper they are. nt valerief Jun 2012 #63

I had a wealthy aunt who had a 12-year old Buick Electra 225 that the transmission went out on NNN0LHI Jun 2012 #65

Who knew horse dressage was so expensive? pinboy3niner Jun 2012 #3

That horse looks inebriated. Yo_Mama_Been_Loggin Jun 2012 #36

If you were a horse and somebody dressed you like that... pinboy3niner Jun 2012 #47

Hello *hic* Art_from_Ark Jun 2012 #81

Mr. Ed--another victim of horse dressing... pinboy3niner Jun 2012 #86

how do you deduct a 'hobby' ???? spanone Jun 2012 #4

They must be running their hobby as a business aint_no_life_nowhere Jun 2012 #13

I'm sure the horse operation is a business for the rMoneys. riderinthestorm Jun 2012 #15

It may be a business or a hobby slackmaster Jun 2012 #78

Not exactly. The IRS definitions of hobby and business are not terribly hard to understand. slackmaster Jun 2012 #76

Don't know. Yo_Mama_Been_Loggin Jun 2012 #38

Great question. nt valerief Jun 2012 #64

Assuming that each of the owners claimed an equal amount of loss, that means Arkansas Granny Jun 2012 #5

As a pro in the dressage biz, I'd be VERY interested in seeing their tax returns on this riderinthestorm Jun 2012 #6

Wouldn't surprise me that they only paid $1,000 on a dressage saddle NNN0LHI Jun 2012 #11

You can't buy these retail. The saddler flies out and creates it for the horse and rider riderinthestorm Jun 2012 #16

I agree that you and I can't buy these retail NNN0LHI Jun 2012 #23

Oh I've seen it too but the saddle thing is a long shot riderinthestorm Jun 2012 #29

It doesn't have to be a kid wanting to break into the hobby NNN0LHI Jun 2012 #31

I'm going to agree with rider...those saddles are custom and extremely expensive. AllyCat Jun 2012 #42

Bearing in mind the expenses were split 3 ways... OVERPAID01 Jun 2012 #61

Oh its a dressage saddle. Ann's a dressage queen of the highest order riderinthestorm Jun 2012 #85

I'm a "dressage rider" too cilla4progress Jun 2012 #68

Know that feeling. AllyCat Jun 2012 #74

same same! cilla4progress Jun 2012 #84

They get DEDUCTIONS for their horse hobbies? annabanana Jun 2012 #7

Which form can you claim deductions on dressage? Rosa Luxemburg Jun 2012 #54

If you run dressage as a business, it goes on Form 1040 Schedule C jmowreader Jun 2012 #55

I thought it was a sport? Rosa Luxemburg Jun 2012 #56

You can compete for money. antigone382 Jun 2012 #73

remember the days when the Olympics was for AMATEURS? AllyCat Jun 2012 #75

You don't compete for money in dresssage. Their "business" model presumably revolves around sales riderinthestorm Jun 2012 #88

Thanks for the clarification. antigone382 Jun 2012 #89

Schedule A, line 23 if it's a hobby. Schedule C if it's a business. slackmaster Jun 2012 #83

He And His Family Are Just Practicing Their Lordship Skills - It's In The Memo cantbeserious Jun 2012 #8

No wonder he's balking on showing his tax returns Frustratedlady Jun 2012 #9

I've been audited 3 times in 25 years. Horse businesses are targeted by the IRS riderinthestorm Jun 2012 #10

Almost sounds like the competitions are set up deliberately to provide a tax shelter. malthaussen Jun 2012 #18

I think that you are on to something Tom Ripley Jun 2012 #19

I can only tell you from my experience. The competitions we've run have made money riderinthestorm Jun 2012 #22

I have a friend working around the business malthaussen Jun 2012 #28

we had family friends that used their race horse hobby as a tax shelter magical thyme Jun 2012 #49

No matter what the topic on DU eridani Jun 2012 #59

I've never looked into Anne's horse activities but I suppose selling a horse or two could help. bklyncowgirl Jun 2012 #60

Business as usual. lonestarnot Jun 2012 #24

Post removed Post removed Jun 2012 #25

I'm thinking Rafalca's going to get a lot of media attention at the Olympics this year. tanyev Jun 2012 #12

K & R Scurrilous Jun 2012 #14

as a kid, I watched a number of Olympics hfojvt Jun 2012 #17

FRH means he's a registered Hanoverian sporthorse. Its a breed association. riderinthestorm Jun 2012 #26

A tax deduction rks306 Jun 2012 #20

But he's a job creator GeorgeWW3 Jun 2012 #21

Honestly, looking into his Mexican labor force for his horses IS probably a sure fire thing riderinthestorm Jun 2012 #27

A BIG THANK YOU Bohunk68 Jun 2012 #33

Highly unlikely OVERPAID01 Jun 2012 #62

Please send this point to someone who can look it up... uponit7771 Jun 2012 #71

Hey cool, I should be able to deduct my videogames. Marr Jun 2012 #30

1000 recs. SO out of touch. Rose Siding Jun 2012 #32

But think of all the jobs created. Yo_Mama_Been_Loggin Jun 2012 #35

I had thought you couldn't take deductions for hobbies! treestar Jun 2012 #37

Here's a copy of the full text of the Romney 203 page tax return aint_no_life_nowhere Jun 2012 #39

Well, someone had to be paid to dress them. LOL n/t Bonhomme Richard Jun 2012 #40

Wow. I'd like to see that number spread far and wide. fishwax Jun 2012 #41

There's some misunderstanding about this All-American sport. If you're thinking of dimbear Jun 2012 #43

I find it disgusting to live in a world that allows this kind of thing. nt Comrade_McKenzie Jun 2012 #44

Hmm I'd better start to itemize my hobbies too nadinbrzezinski Jun 2012 #45

I know artists who Mz Pip Jun 2012 #46

You might be able to deduct your expenses Retrograde Jun 2012 #52

I think the average lifespan of a horse is 25-30 years Buns_of_Fire Jun 2012 #48

Fancy Horse Steppin' is an Olympic event and Fancy Pageant Walkin' ISNT? Buns_of_Fire Jun 2012 #50

so i can take off loses for my pet dogs too? NMDemDist2 Jun 2012 #51

I didn't think hobbies were tax deductible. n/t BlueToTheBone Jun 2012 #53

Since when do you get a tax deduction for owning a horse?! Rhiannon12866 Jun 2012 #58

Here's how. Have your trainer sell a lame horse to some sucker for six figures. NYT bklyncowgirl Jun 2012 #66

The Romneys have been pulling variations on that scam for a long time. LeftyMom Jun 2012 #77

Isn't this basically a hobby? Would a regular person without fancy tax lawyers be able to write off yellowcanine Jun 2012 #67

Prince Romney requires dressage horses, car elevators and many other things KurtNYC Jun 2012 #70

Unless it was a very expensive hobby it probably wouldn't be worth the trouble. LeftyMom Jun 2012 #80

Wow gaspee Jun 2012 #69

He got a bigger deduction for a hobby horse than most people are paid for their work in a year. n/t jtuck004 Jun 2012 #72

That factoid puts things into perspective slackmaster Jun 2012 #79

In -some- conversations I try to look for opportunities like that. Hard to open a window into a mind jtuck004 Jun 2012 #82

K & R lonestarnot Jun 2012 #87