Tax Filing: At Fantasy Lane Stable we leave nothing to chance. On or before March 1st each season we provide each partner with an individual K-1 from the
preceding year mailed directly to you from our CPA (Certified Public Accountant).
FLS management elects to depreciate newly purchased unraced two-year olds over the course of three annual installments instead of taking the legally acceptable (IRS 179) accelerated depreciation in the very first year.
The reason is that we gear everything to the horse(s) three-year old campaign with those large, restricted purses offered only for three-year olds. We prefer to save the depreciation as a write-off against future purse earnings where it would be most useful. To use 100% depreciation at age two, without enough basis, doesn’t warrant such a move. It is our financial advisor’s opinion that to use accelerated depreciation would not serve the best interests of the majority of partners.
In accordance with current IRS regulations, if you are an active partner, you should be able to write off all of your investment including, but not limited to, your expenses to watch your horse(s) train and race against your other ordinary gross income.
We are constantly communicating with our many partners in the form of e-mails. We welcome phone calls to discuss the day-to-day training, as well as to answer any and all questions you may have. As we said, we leave nothing to chance.
Not only is Fantasy Lane Stable fun and exciting but we feel an obligation to continuously educate our partners about the business end of owning thoroughbred racehorses. There are never any stupid questions, only dumb answers if we ever fail to address your concerns.
In this regard, we have been universally praised from our many partners who have been with other organizations. Our communication skills separate us from our competitors in that we treat all of our partners with respect and first class service which you most truly deserve.
Content copyright 2017. FantasyLaneStable.com. All rights reserved.