Sorry, I'm still smoldering over these rich assholes taking a deduction for Ann Baby's hobby. One of the IRS tests for whether or not a hobby is a business is to determine if it's impossible to make a profit against expensed items. They took a $77,000 write-off in 2011 for expenses on their one-third share of the horse.
They'd better be making a lot of money from foals, because the prize money is shit. The Fall event of the New England Dressage Association pays the princely sum of $330 for a first in class....
Rising Hegemon
Irony is truly dead, isn't it?
ReplyDeleteSorry, I'm still smoldering over these rich assholes taking a deduction for Ann Baby's hobby. One of the IRS tests for whether or not a hobby is a business is to determine if it's impossible to make a profit against expensed items. They took a $77,000 write-off in 2011 for expenses on their one-third share of the horse.
ReplyDeleteThey'd better be making a lot of money from foals, because the prize money is shit. The Fall event of the New England Dressage Association pays the princely sum of $330 for a first in class....
hobby's should have means testing.
ReplyDeletei think mitt is more likely to just fire the workers and send the jobs overseas. american workers? is the onion insane?