Hi, this is Diane Kennedy. I'm a CPA and you can find me at ustaxaid.com. This is going to be a tax minute, more or less. I'm going to talk today about how you can ride off your horse. And as you can see, I'm on a beautiful horse, Gus, who's a paint.
Now, how could you ride off a horse? Well, there's a couple of ways. One is if you're using the horse for search and rescue or some kind of charitable event, then you've got a charity donation that you can use.
That is if you itemize your deductions. Additionally, if you have a business with horses, now be careful here because sometimes people get into showing horses and things and, wow, well this is great, maybe I can take it as a write-off. Well, only if there really is a way that you might generate some true profit. Because otherwise, if you make even a dime off of it, then you can't take any write-offs against it.
That's effective January 1st, 2018. So hobbies are the worst thing possible. If you've got one, great, don't make any money at it. But the better thing is to find a way to turn it into a business.
I'm here at Hunter Horsemanship, also the founders of American Competitive Mustang Club. So make sure you go to Facebook and check them out. You're going to see some awesome Mustangs and the things they do with those.
But this isn't a Mustang. This is Gus. So I'll see you tomorrow.