I have income and expenses from a race horse. Where do I enter it on my return?

Intuit Alumni

May 31, 2019 7:35:02 PM

Schedule C Profit or Loss from Business is the form you would use. Consider it self-employment income. In order to take a portion of the purchase price, you will need to claim depreciation. Here are several links you may find helpful:

http://smallbusiness.chron.com/irs-rules-regulations-horse-related-businesses-68158.html

http://www.thehorse.com/articles/35597/cracking-the-tax-code

http://www.horsechannel.com/horse-news/2011/02/07/tax-issues-equestrians.aspx

New Member

May 16, 2020 10:53:00 AM

What about in Canada?

Level 15

May 16, 2020 10:56:11 AM

@horses wrote:

What about in Canada?

This is the TurboTax US user community website.
Go to this TurboTax Canada website for assistance with a Canadian tax return or the TurboTax Canada editions - https://turbotax.community.intuit.ca/tax-help

Level 15

May 16, 2020 10:56:25 AM

@horses wrote:
What about in Canada?

Are you asking about a Canadian tax return? This is the USA forum.

Here's the Canada TurboTax Community forum:

https://turbotax.community.intuit.ca/community/turbotax-support/help/03/en-ca

Why sign in to the Community?

I have income and expenses from a race horse. Where do I enter it on my return?