IRS Horse Racing

Horse Racing Activity Not a Hobby

Cross References • Roberts, 7th Circuit Court of Appeals, April 15, 2016 • T.C. Memo. 2014-74 • IRC §183 The Tax Court ruled a taxpayer was not engaged in a race horse activity for profit and therefore disallowed losses used to offset other income. The 7th Circuit Court of Appeals recently reversed that ruling. The taxpayer […]