Author Topic: Lexington sale  (Read 12212 times)

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Stand Forever

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Re: Lexington sale
« Reply #75 on: October 10, 2021, 07:44:13 PM »
I am all for using every single benefit of the tax system to your advantage, but when you bring horse racing into the conversation, I think it is smarter to opt out - it will always be the wiser financial choice. Write offs or not horse racing is for financial fools who are wasting time waiting for god.

As for the other items you mentioned, you are spot on.

Overcheck

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Re: Lexington sale
« Reply #76 on: October 10, 2021, 08:11:34 PM »


Still a high risk proposition.   Why not write the check for an income producing asset?  One with better resale than 95% of those horses purchased at sale.  I guess if you have that much $ it's hard for us common folk to comprehend.

augustaandy

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Re: Lexington sale
« Reply #77 on: October 10, 2021, 10:02:30 PM »
wealthy people wish to win races and have massive income they need to write off

purses higher than ever, OHSS and KYSS

 

LUCPARK

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Re: Lexington sale
« Reply #78 on: October 10, 2021, 10:11:09 PM »
Indiana purses soon to jump up as well


Record sales broken


At Lexington

Harrisburg. Around corner

So is the Hoosier classic sale

REAL AMERICANS DONT TAKE A KNEE

Overcheck

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Re: Lexington sale
« Reply #79 on: October 10, 2021, 10:21:25 PM »
wealthy people wish to win races and have massive income they need to write off

purses higher than ever, OHSS and KYSS

I can understand that they want to win races.  That's an ego thing.  What I don't understand is that there are much smarter options to obtain a write off.  My takeaway is that the tax laws really haven't changed anything.   People will always overpay to feed their ego.  Now they can just justify it by paying more.  Breeders and stakes programs are the beneficiaries.

Kole Hanover

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Re: Lexington sale
« Reply #80 on: October 10, 2021, 10:39:10 PM »
I can understand that they want to win races.  That's an ego thing.  What I don't understand is that there are much smarter options to obtain a write off.  My takeaway is that the tax laws really haven't changed anything.   People will always overpay to feed their ego.  Now they can just justify it by paying more.  Breeders and stakes programs are the beneficiaries.



 It is all a game of "Look at me"...

 The breeders are eating this shit up,

 I could have pin-hooked my Walner last year for 3x what I paid for him- but I figure if I train him down then I may as well roll the dice & it did pay off but its always wise to cash out in the black & re-invest with house funds.

Overcheck

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Re: Lexington sale
« Reply #81 on: October 10, 2021, 11:01:44 PM »
Tough decision for sure.  I agree best to get in position to play with house money if possible.   Some of the race programs put sales price in them and majority of them are under water.  The amount of money out there just must be unbelievable.  I'd say this is the peak but time will tell.  Stupid money is only stupid for so long.

NJ The best

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Re: Lexington sale
« Reply #82 on: October 11, 2021, 04:42:38 PM »
This guy Matt Morrison spending money all over , babies tough game.

marsh99

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Re: Lexington sale
« Reply #83 on: October 11, 2021, 04:50:57 PM »
I am all for using every single benefit of the tax system to your advantage, but when you bring horse racing into the conversation, I think it is smarter to opt out - it will always be the wiser financial choice. Write offs or not horse racing is for financial fools who are wasting time waiting for god.

As for the other items you mentioned, you are spot on.

Good point. I should clarify:

A good CPA will know how to apply the write offs.
A great one will tell you you're an idiot for investing in horse racing in the first place LOL.


COUNSELOR

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Re: Lexington sale
« Reply #84 on: October 12, 2021, 10:14:20 AM »
AGREE WITH MOST OF THE COMMENTS BUT REMEMBER THE SMART MONEY CAN USE THESE WRITEOFFS TO BUY TRUCKS, TRAILERS, EQUIPMENT, ETC.  YOU CAN ALSO USE THIS DEDUCTION IN YOUR BUSINESS IF YOU ONLY ARE A HOBBYIST IS RACING.

EITHER WAY, EVERYONE, LARGE OR SMALL SHOULD TAKE ADVANTAGE OF WHAT IS BEING GIVEN TO YOU.  PLEASE RECALL THAT THE ACCESS TO FUNDS IS NOW MUCH EASIER THAN EVER TO OBTAIN FOR SMALL BUSINESS.  RATES ARE AT HISTORIC LOWS.   SO WHETHER YOU UTILIZE FUNDS FOR RACING OR FOR YOUR SMALL BUSINESS PLEASE CONSIDER AND SEE IF THESE STRATEGIES WORK FOR YOU AND YOUR FAMILY! 

I AM SURE I WILL NOT SEE THIS AGAIN IN MY LIFETIME BUT MANY OF YOU WILL---SO WHY NOT EDUCATE YOURSELF TODAY FOR FUTURE ENDEAVORS!!!

I ALWAYS SEE FOLKS COMPLAINING THAT THEY ARE NOT RICH---BUT, TRUTHFULLY WE ALL MUST START SOMEWHERE.  USE YOUR HEADS AS THERE ARE PROGRAMS OUT THERE FOR EVERYONE---YOUNG AND OLD.

BE SAFE!

Calhoun

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Re: Lexington sale
« Reply #85 on: October 14, 2021, 04:49:34 PM »

Did that thing you had racing this year finish his last race yet? Been sometime now that stretch ainít that long tmbz1
That would be Pigeon Jim Buttfuck's solely owned homebred phenom Photo Image who finished his career with $9,000 in earnings, offset by $50,000 of stakes payments plus $120,000 of training bills.

And he did finish that last race, getting beat 20 lengths on the Kentucky Chitlin circuit at Paducah for a $3,000 purse.

Paducah ngc3 ngc3


cigar

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Re: Lexington sale
« Reply #86 on: October 14, 2021, 05:02:55 PM »
Iím sure it was just a fluke, heís way to smart for something like that. Hey pigeon Jim tell me this ainít true!

Calhoun

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Re: Lexington sale
« Reply #87 on: October 14, 2021, 05:16:34 PM »
My partner and I use the same pedigree firm and we are on board of our buys.
I can't decide what's more tragic ... the fact you employ a "pedigree firm" to come up with buzzsaws like Photo Image .. or .. that you "are on board" whatever the fuck that means.


Fatboy

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Re: Lexington sale
« Reply #88 on: October 14, 2021, 05:24:28 PM »
I can't decide what's more tragic ... the fact you employ a "pedigree firm" to come up with buzzsaws like Photo Image .. or .. that you "are on board" whatever the fuck that means.

"BUZZSAWS" ngc3

Bernie Madoff

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Re: Lexington sale
« Reply #89 on: October 14, 2021, 05:43:24 PM »
Homebred phenom.  ngc3 ngc3 ngc3 ngc3 ngc3
I'm a rotten bastard and an atheist.

 

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