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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
What about in Canada?
@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
@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
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