horse owners

Two pieces of federal legislation to incentivize investments in Thoroughbreds were reintroduced Apr. 27 by United States Reps. Andy Barr and Morgan McGarvey, both of Kentucky. The Race Horse Cost Recovery Act of 2023 would make the three-year depreciation schedule permanent for racehorses, regardless of their age when put into service. Currently, Congress must reauthorize this provision in the tax law on an annual basis. The Racehorse Tax Parity Act would reduce the holding period for equine assets to be considered long term capital gains, putting them on a level...

The 35th annual Thoroughbred Owners and Breeders Association (TOBA) National Awards will be held Sept. 26 in a virtual ceremony hosted by Gabby Gaudet at Hill 'n' Dale at Xalapa. The TOBA National Awards recognize breeders from 20 states and Canada. Also recognized are the National Owner of the Year and National Owner Finalists, National Breeder of the Year, Small Breeder of the Year, National Broodmare of the Year, Racing Partnership of the Year, Rood & Riddle Sport Horse of the Year, Claiming Crown Horse of the Year, Industry Service...

A day after announcing that it will be open to a limited number of fans when its racing season commences July 3, Monmouth Park announced Tuesday that owners will be permitted to watch their horses work from a designated area from 5:30 a.m. to 10:30 a.m. Fridays through Sundays starting Friday, June 26. Monmouth Park has been closed to all but essential personnel since March 16, when restrictions were put into place to slow the spread of the Covid-19 virus. Under a special permit that allows for re-purposing of restaurants...

British racing resumed behind closed doors on June 1, and now, with these first weeks back going well and in accordance with the UK government's safety protocols, the British Horseracing Authority is working on a template to allow owners to observe their horses race on location. In a letter sent to racehorse owners on Monday by the BHA, the BHA's Chief Operating Officer Richard Wayman thanked the owners for their support in these challenging times due to the coronavirus situation and outlined plans for their return in the near future....

The National Thoroughbred Racing Association compiled a summary of benefits available to owners under the latest federal COVID-19 legislation. Benefits available to horse owners includes: Tax Benefits: Owners may be entitled to some new tax benefits that allow them to file amended returns for prior years and get cash in the form of tax refunds. Net operating losses can now be carried back for up to five years. This applies to C corporations and individuals who generate net business losses. The IRS is currently accepting faxed refund requests in order...