WebMay 27, 2024 · Q13. What are the tax implications of selling stock within my integrated business of racing and breeding? Answer. To date, we have only been dealing with mares, foals, racehorses etc sold by hobbyists. If a tax business sells any horse, the tax profit is the sale proceeds (excl.GST) less the tax carrying value of the stock. WebMay 3, 2012 · If you are carrying on a business of buying and selling or breeding or training horses, or providing pony trekking or horse riding lessons, then there are various different tax consequences of ...
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WebDec 23, 2024 · work out the purchase price and selling price. take away the purchase price from the selling price to work out the gross margin. multiply the gross margin by 1/6. The VAT due is the difference ... WebRacehorse owners can make money standing a stallion at stud, selling offspring, and breeders awards. Many horses retire and are used for breeding after completing their racing career. Even though a successful horse can make a lot of money racing, its real earnings potential might be as a stud. The most expensive stallion is Galileo; his stud ... hepatitis virus transmission
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WebOct 17, 2011 · Thank you for using Just Answer. If these are horses that you have used for racing, and have taken depreciation, then the sale is reported on form 4797, and they don't help reduce self-employment tax.. However, if they are horses that you bought for the purpose of resale, and you haven't taken depreciation on them, then you include the … WebMar 27, 2014 · Mr. Craig is a lawyer in Toronto whose primary income is from his law practice. He is also an enthusiastic horse owner with a business comprised of the buying, selling, breeding, and racing of horses. WebMar 25, 2024 · Buying horses at reasonable costs and selling with high returns is the traditional strategy in pinhooking. The first step includes acquiring top prospects based on conformation, pedigree or family ... hepatitis when is it given