EQUINE
Thoroughbred horses are unique animals and the equine industry is a unique industry that requires specialized knowledge and accounting services. At Fister, Williams & Oberlander, we have the expertise and depth of experience in the equine industry to deliver high-quality tax and accounting services to our clients. We have provided extensive accounting, tax, and business consulting services to the equine industry for many years.
Our clients are involved in a variety of equine industry operations, including:
- Racing operations
- Bloodstock agents
- Small boarding farms
- Large farms involved in boarding, breeding, selling, and stallion syndication
- Racing and breeding partnerships
We provide a wide range of services to our equine clients. The following is an outline of services available to our equine clients:
- Tax planning and strategies to maximize potential tax losses
- Minimizing exposure to the hobby loss rules
- Structuring transactions to minimize tax liabilities and maximize tax losses
- Avoiding and managing the impact of the passive loss rules
- Using the involuntary conversion rules to defer income taxes on insurance recoveries related to horse and farm casualties
- Representing clients with federal and state taxing authorities
- Taking advantage of the depreciation rules as it relates to horses and farms
- Section 1031 tax-free exchanges of horses