Quick question:…
what is the tax write-off for donating a horse to CANTER??
Depends on the horse. anything over 5K needs a written appraisal.
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.
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…
If it’s still actively racing and Michigan is taking horses, that is.
that or I put her on the waiting list and “store her” at Annikak ( cause she is the fab step mom)…
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.
[QUOTE=Laurierace;4317525]
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.[/QUOTE]
Great pictures of your horses and your family!
Thanks!
[QUOTE=Laurierace;4317525]
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.[/QUOTE]
ummm arent you the same one who was asking me what tax dodge I was talking about on another thread?
You call THAT a tax shelter? That explains everything. [edit]
IRS form 8283
You can google it
f8283 is the form
i8283 is the instructions
How is taking a smaller deduction when you might be entitled to a larger one a “tax dodge”?
Methinks somebody is not as familiar with the IRS and income tax loopholes than s/he thinks they are…
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This is from the CANTER website:
[I]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.[/I]
[QUOTE=Big Yellow Taxi;4332626]
This is from the CANTER website:
[I]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.[/I][/QUOTE]
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.
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.
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.
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! :lol:
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. :rolleyes:
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.
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http://www.canterusa.org/index.php?option=com_content&view=article&id=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…
