4th Quarter 2011
-Considering a Horse Expert for Value Appraising?
-Is Your Horse Worth the Appraised Value?
-Horsesitter up to the Job?
-Horse Ownership
-Tough Times for Many Horse Owners
-Taxing Questions
Deductions
-Icy's Corner
-Dave's Commentary
-About NAES |
Considering a horse expert for value appraising?
These are some of the documents you’ll need: |
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1. Previous bill of sale or some record that shows what you originally paid for your horse. If unavailable then a brief outline explaining what occurred when you bought your horse…(assuming that’s the horse involved in the proposes litigation).
2. All records or written statements from you or your witnesses as to
“what happened.”
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3. A written statement from you completely laying out exactly what you believe your case to be. Always supply names, addresses and phone numbers for you complete list of witnesses or observers.
4. If the incident that is the cause for your proposed legal action is a horse event, (horse show, exhibition, etc.), always provide any printed material that relates to the specific event or general activity.
5. All photographs that could aid your expert in understanding your case…
(“A picture is worth a thousand words”) should be provided.
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-Considering a Horse Expert for Value Appraising?
-Is Your Horse Worth the Appraised Value?
-Horsesitter up to the Job?
-Horse Ownership
-Tough Times for Many Horse Owners
-Taxing Questions
Deductions
-Icy's Corner
-Dave's Commentary
About NAES
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| Is Your Horse Really Worth the Appraised Value? |
As an active participant in the horse business, unless you live under a
rock you will be very aware of the general idea of what your horse is worth.
Oh yeah…you know what you’d like
to get for your horse but especially in this down economy one must have a realistic idea of your show horse’s value.
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(NAES Photo) |
Through the years I’ve given literally thousands of appraisals in over forty breeds and disciplines and I do have a pretty good idea of what a specific horse is worth. Unfortunately, horse owners often think their horse is worth lots more than the “fair market value,” as is required by the United States Department of Justice in their IRS’s documents.
Believe me when I say that putting a fair market value significantly above the going rate does not help the consumer. It really helps you to have a good idea of what your horse is worth if you were to offer it for immediate sale.
In other words, it’s always a good idea to keep thinking of what you could sell your horse for…”right now”!
The way the current sale market has fluctuated during the past few months will give you an idea as to the huge market swings price wise.
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-Considering a Horse Expert for Value Appraising?
-Is Your Horse Worth the Appraised Value?
-Horsesitter up to the Job?
-Horse Ownership
-Tough Times for Many Horse Owners
-Taxing Questions
Deductions
-Icy's Corner
-Dave's Commentary
-About NAES
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| Going away for a few days?...better make sure your horse’s “babysitter” is up to the job. |
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Trusting someone else to take care
of your beloved horse when you are away is a very big deal.
I just heard the horrible story of a horse that had to be euthanized when the owner was out of town…why?
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1. The owner failed to leave a spare set of keys to the main house where the horse’s extra medicine was. The stall’s padlock had to be hack sawed off.
2. The horse was locked in his stall so the stall couldn’t be cleaned…(I know…GROSS, and bad for the poor horse).
3. No phone was left to contact the attending vet. This turned out to be a bad situation when the horse had to be treated for another very serious illness.
4. No phone numbers or instructions were provided as to how to reach the owner. (Especially important since a decision had to be made to ease the horse’s suffering from a very bad colic).
5. The caretaker was so poorly qualified to care for the horse. The horse owner had assured the caretaker that taking care of the horse was “No big deal.” (It turned out that the horse owner didn’t want to pay for a true horse caretaker or put the horse at a nearby stable. Then he hired a distant “friend” do the work for gas money).
6. The police finally had to be called when the “distant friend” felt compelled to get help from the police. (The horse’s owner was later cited for failure to adequately provide care for his now deceased horse).
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-Considering a Horse Expert for Value Appraising?
-Is Your Horse Worth the Appraised Value?
-Horsesitter up to the Job?
-Horse Ownership
-Tough Times for Many Horse Owners
-Taxing Questions
Deductions
-Icy's Corner
-Dave's Commentary
-About NAES
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| Are You Sure You Really Own Your Horse? |
I’ve been doing horse appraisals for over thirty years. In those past years it has amazed me at how people are so lackadaisical about ownership documents for their horse.
While there is never a legal-looking “title” on a horse, there generally is a bill of sale or some piece of paper indicating money has changed hands showing you now “own” the specific horse.
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Don’t count on the registration papers to prove ownership; they show only who is registered on the papers. Breed associations long ago got out of
the area of verifying ownership of the subject horse after being involved in ownership litigation.
However, always get the papers since they allow you to show the horse where breed registration is required and breeding animals need the
properly transferred papers to verify the foal’s breeding.
The lesson is to always get a bill of sale from the legal owner and
“hang on to it.”
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-Considering a Horse Expert for Value Appraising?
-Is Your Horse Worth the Appraised Value?
-Horsesitter up to the Job?
-Horse Ownership
-Tough Times for Many Horse Owners
-Taxing Questions
Deductions
-Icy's Corner
-Dave's Commentary
-About NAES |
Tough Times for Many Horse Owners -
Tips for Horse Donations to Nonprofit Organizations
By Sharon J. Oscar |
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Many horse owners are feeling the effects of a tough economy.
Businesses and individuals are tightening their belts and deciding whether maintaining horses properly and humanely is financially possible. |
In an effort to ensure that their horses are being taken care of and to relieve themselves from the financial responsibility of proper maintenance, many horse owners are considering donating their horses to a nonprofit entity that can use the horses for a variety of purposes such as equine therapy; riding programs at schools and colleges; or pasture/retirement.
While donating a horse may seem like a straightforward option that results in a win-win-win situation (horse, horse owner and nonprofit), horse owners should proceed carefully. The full article is available at this link...
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-Considering a Horse Expert for Value Appraising?
-Is Your Horse Worth the Appraised Value?
-Horsesitter up to the Job?
-Horse Ownership
-Tough Times for Many Horse Owners
-Taxing Questions
Deductions
-Icy's Corner
-Dave's Commentary
-About NAES |
A Taxing Question: What Deductions Can You Take
For Your Horse Hobbies and Businesses?
by Avery S. Chapman, Esq. |
So you want to deduct some or all of your horse hobby expenses.
Before taking those horse hobby expenses as deductions, you may want to consider the following factors - the Internal Revenue Service does - to determine whether your deductions will withstand scrutiny later. |
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Remember, merely incurring expenses of an horse hobby as a “hobby”, even a hobby that you are passionate about and spend considerable amount of money and even run in a very business-like way, does not mean you can claim the deduction.
Section 183(a) of the Internal Revenue Code (the “Code”) provides that if an activity is not engaged in for profit, “no deduction to such activity shall be allowed” except for interest and State and local taxes. Therefore, if you want to take deductions for your horse hobby expenses, you must satisfy the IRS that you have an “actual and honest objective” (in the words of the Tax Court) to engage in an horse hobby to make a profit. Now, that does not mean that at first, you need make a profit. The full article is available at this link...
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-Considering a Horse Expert for Value Appraising?
-Is Your Horse Worth the Appraised Value?
-Horsesitter up to the Job?
-Horse Ownership
-Tough Times for Many Horse Owners
-Taxing Questions
Deductions
-Icy's Corner
-Dave's Commentary
-About NAES
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| ICY's Corner |
(ICY, the NAES’ Doberman, always puts in her “two cents” of commentary after reflecting on life in general) |
I’ve been traveling with Dave over the last few months and just had a nice birthday where I got lots of treats and petting., (ICY’s 12 years now)
Dave got me a very nice German car to ride in even though I have a very fancy red vest and could go on big metal birds…
(Southwest Airlines…”Yes,” they let me on and are very nice, too).
Dave worries lots when he talks to somebody who just bought a horse and didn’t talk to him first…
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(He doesn’t even charge them for his free advice). I think he thinks they may have been swindled out of lots of dog bones.
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-Considering a Horse Expert for Value Appraising?
-Is Your Horse Worth the Appraised Value?
-Horsesitter up to the Job?
-Horse Ownership
-Tough Times for Many Horse Owners
-Taxing Questions
Deductions
-Icy's Corner
-Dave's Commentary
-About NAES |
| Dave's Commentary |
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The multitude of cases I’ve been presented with in the past few years is truly extraordinary.
Just recently I was asked to provide testimony on standard practices in Thoroughbred sales and stallion breeding contracts.
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Seems like the defendant in the case had laundered millions of dollars between Ireland and the Grand Cayman islands. His scheme almost worked until I blew a hole in his “contract” to purchase an in-utero foal.
The agreement for a huge fee of close to one million dollars was guaranteed…even if the mare died or any other part of the deal fell through.
The agreement was so one-sided that no one in their right mind would have agreed to its wacko clauses but apparently a California Superior Court initially did…I know, go figure.
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-Considering a Horse Expert for Value Appraising?
-Is Your Horse Worth the Appraised Value?
-Horsesitter up to the Job?
-Horse Ownership
-Tough Times for Many Horse Owners
-Taxing Questions
Deductions
-Icy's Corner
-Dave's Commentary
-About NAES
Web
site:
www.northamericanequine.com
Address:
North
American
Equine Services, LLC
35644 North 11th Avenue
Phoenix, AZ 85086-8704
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About
Dave Johnson
(Photo Courtesy NAES) |
Dave started NAES more than 20 years ago with an eye
to making sure all horse owners and those interested
in horses could depend on NAES for the straight
In addition, Dave is one of the busiest horse activity
experts in North America.
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Because of his long history of working with so many breeds
and disciplines he's called upon to give his opinion
in literally hundreds of legal cases and horse
appraisals.
Dave is still an active horse show judge and,
when time permits, continues teaching at his wife's
nationally known stable, Willoway Farm, Inc.,
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