031. Taxes and Horses...Oh My! with CPA Greg Tambke

In this episode of On The Rail podcast, we sit down with CPA Greg Tambke to discuss the sometimes complicated intersection of taxes and the horse industry. We explore topics such as the IRS's beliefs around horse businesses verses hobby ventures, the frequency of horse industry-related audits, and what expenses amateurs can write off.
We also dive into the nuances of reporting income from horse related winnings, including how to handle situations where a trainer is paid for the horse's winnings, but you're the one getting the tax bill. Other topics include whether non-cash prizes require a 1099 form, tax tips for amateur horse owners, and common mistakes that professionals in the industry make when trying to write off expenses.
Finally, we discuss the importance of finding an accountant who truly understands the horse industry and can provide informed guidance on tax matters specific to the industry. Join us for an informative and eye-opening conversation on the complex world of taxes and horses.
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