Scat Daddy retired

[Cannon Shell]

Originally Posted by abe1947

This is a business. You want to make money. Why run him if he is worth more in the shed and running him will not, as several on here have stated, make him worth more there. Those of us who love the sport, need to think more of the horse's well being, rather than our own pleasure. A good $5000 claiming race can be just exciting to watch as a $million GI, and you can usually make more $ betting on them.

Owning horses is not a business. You may treat it as a business, you may think it is a business, but it is not a business.
And by your way of thinking most horses should be retired if they win 1st time out because running them again may decrease their value.

[SentToStud]

Originally Posted by Cannon Shell

Owning horses is not a business. You may treat it as a business, you may think it is a business, but it is not a business.
And by your way of thinking most horses should be retired if they win 1st time out because running them again may decrease their value.

Maggi Moss would disagree with you. A bunch of other people too.

[Cannon Shell]

Originally Posted by SentToStud

Maggi Moss would disagree with you. A bunch of other people too.

Why? You think she is making money?

[Cannon Shell]

There is no way that he stands for less than $25k. If the yearling markets is solid and the Sheikh Mo boycott doesn't spread, he may go as high as $40k.

[Cannon Shell]

To be a business you must produce a good or service. Owning horses does neither. You want to call it an investment? Fine. But a business? Try telling the IRS that it is a business. Hell, they dont even want to label owning horses as an investment.

[Dunbar]

Originally Posted by Cannon Shell

To be a business you must produce a good or service. Owning horses does neither. You want to call it an investment? Fine. But a business? Try telling the IRS that it is a business. Hell, they dont even want to label owning horses as an investment.

A professional gambler can be in the "business" of gambling, with no obvious "good or service" produced. That is, the IRS will accept a Schedule C filing from a professional gambler if certain conditions are satisfied, so the "good or service" requirement is not absolute.

I don't know a thing about how they handle racehorse ownership, however.

--Dunbar

[Cannon Shell]

Originally Posted by Dunbar

A professional gambler can be in the "business" of gambling, with no obvious "good or service" produced. That is, the IRS will accept a Schedule C filing from a professional gambler if certain conditions are satisfied, so the "good or service" requirement is not absolute.

I don't know a thing about how they handle racehorse ownership, however.

--Dunbar

Schedule C. Unfortunately for the self-employed, just filing Schedule C may be the biggest red flag of all. Consider these figures. Normally, if you earn between $50,000 and $100,000, your chance of being audited is about one in 100. File schedule C, with about the same income, and the odds nearly double to a frightening one in 50. "If you're self-employed, it's very hard to avoid an audit," says Renn. "It's almost guaranteed that if you file Schedule C long enough, you'll get audited."

Experts agree that the IRS carefully scrutinizes Schedule C. Among the agency 's favorite red flags here: A too-small bottom line. A large discrepancy between gross and net income may arouse suspicions of expense padding or improper deductions. The IRS is particularly likely to challenge travel and entertainment expenses and home offices (more on this below), so make sure your documentation is good.

Running in the red - a negative bottom line - is a sure attention grabber, particularly if it continues for several years. Generally, if your business loses money three (or more) out of five consecutive years, the IRS will assume it's just a hobby. In that case, you can deduct expenses only up to the amount you earned. This doesn't mean that you can never take a deduction for a persistent money loser - but the onus is on you to prove that it's a legitimate business. Di Re suggests fortifying your case with a business plan, careful records, and business bank accounts separate from your personal accounts. "Do everything in as business-like manner as possible," Di Re advises

[Danzig]

Originally Posted by Cannon Shell

There is no way that he stands for less than $25k. If the yearling markets is solid and the Sheikh Mo boycott doesn't spread, he may go as high as $40k.

that high?!


i'm in the wrong business. that just seems high to me...crazy crazy

[Cannon Shell]

Originally Posted by Danzig

that high?!


i'm in the wrong business. that just seems high to me...crazy crazy

I did not say it makes sense but look where stud fees are.

[Bogey]

Originally Posted by Cannon Shell

I did not say it makes sense but look where stud fees are.

I heard a rumor that you stated that Afleet Alex was sore before the '05 Derby. Can you comment on this.

[Zaf]

with Maggie Moss on the Roger Stein show Sunday , a great listen:

http://www.rogerstein.com/radio/archive2.asp

[Kasept]

A note on the timing of Scat Daddy's retirement given that a 90 day lay-up would have been in order to bring him back... On the show last night, Scatuorchio said that he'll be shuttling to Australia as part of his stud career... And their breeding season is of course close at hand...

[paisjpq]

Originally Posted by Kasept

A note on the timing of Scat Daddy's retirement given that a 90 day lay-up would have been in order to bring him back... On the show last night, Scatuorchio said that he'll be shuttling to Australia as part of his stud career... And their breeding season is of course close at hand...

he probably won't go this season as those horses will enter quarantine very soon if they haven't already....and if he has an injury they are not likely to fly him halfway around the world to do what is actually a demanding job before he gets a clean bill of health.

[Kasept]

Originally Posted by paisjpq

he probably won't go this season as those horses will enter quarantine very soon if they haven't already....and if he has an injury they are not likely to fly him halfway around the world to do what is actually a demanding job before he gets a clean bill of health.

Thx B.. Good points....

[blackthroatedwind]

That's a relief to the entire thoroughbred community. My only regret is there isn't a third breeding season.