Ask the Experts

Ask The Experts: Len Green

Today, we begin a new column where readers are invited to write in and ask our expert Len Green their equine-related tax and accounting questions. Have a question you'd like answered? Email [email protected] Question #1: I am a partner in a racing syndicate. I received a K-1 form which shows a loss for the year. My accountant is questioning whether I am entitled to deduct the loss. What is the problem? Losses from partnership ownership fall into three categories: a. Active--which means the losses can be used to offset any...

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