Sigh, I’m having a rough night over stuff like this, but thank you so much for taking care of the least of us. So tired of the lies and bullshit.

I spent a small fortune on my dogs this year..is that deductible?

Any news on whether each partial owner took a $77,000 LOSS on taxes. Surely this isn’t something the RMoney’s would leave for simple matters. There must be greater truths…

I had hoped by using the term “GADZOOKS” most people would understand that it was sarcasm. Point noted though.

You can deduct your losses up to the amount that you actually won. But you have to show your winnings, too.

My cat’s tail was used as a model for a sculptured cat on a carousel ride,  which will be displayed and used for the public’s use. Does this mean I get to deduct her upkeep?
I doubt it. Mere citizens don’t get those perks-only gazillionaires.

 I believe that this horse is going to the Olympics. Steven Colbert does a hilarious piece about it.

I moved to Canada when Bush was elected in 2004 (remember, he was only appointed in 2000). I’m very happy here, and have no intention of ever leaving.

Yes. You deduct the extent of your gambling losses from your winnings. So you’re only taxed on net gambling winnings, not the whole thing.

For those wondering about the deduction (as I am) –  If they are running their horses as a business, they can deduct expenses, but they are expected to be making a profit after a few years.  Also, if they have donated the horse to the Olympic team for this competition cycle, the expenses are deductible.  The odd thing is that their share seems to be 1/3.  The care (grooms), board and feed, training, and vet fees should not be as high as $212,000 and the Olympic Committee should be picking up the cost if he is donated (temporarily).  There is little to no prize money involved in Dressage competition, unless things have changed drastically since I competed.

Actually, camanokat is exactly right. Government spending under Obama is at its lowest in half a century. Effective corporate tax rates are the lowest they’ve been in decades. Corporate profits are at their highest, well, ever. More private sector jobs have been created under Obama than under his predecessor, and public sector employment has actually gone down, by roughly 600,000 jobs.

Oh, I did wonder why they seemed obsessed with awarding each other prizes.  Heckuva job, Brownie!

So farmers can deduct livestock? GADZOOKS 

He looks uneasy in a button down shirt without a tie & his suit coat.  Just one of the guys wouldn’t have to search for the word donut.    Chocolate goodies?????

So does each owner deduct $77,000 ?  Close the loopholes in the tax code–that is ridiculous!

I also “lost” a butt-ton of money in the care and feeding of my horse; where’s my tax deduction?

declared a loss?  why is “care and feeding of a horse” deductible???

let’s be smart enough and not elect “the state highway patrolman”.

If he were to make it to the White House we would be paying for gold toilet seats and food flown in from Europe not the chef.
 

Agreed.  Ready to watch it all burn to the ground?

Actually you do take a deduction on their room and board-it is called an exemption.  

You might be on to something , maybe you could incorporate them , then declare they’re operating at a loss , hell you might even be eligible for government subsidies . Then try having your new corporate kids dig for oil in the back yard , if they don’t find any you just might be able to have your house , yard , kids everything declared a loss , The government would then rebate you for your corporate losses and you’re home free , literally .

A country that would elect Mitt Romney deserves what ever happens to it.

“The Romneys declared a loss of $77,000 on their 2010 tax returns for the share in the care and feeding of Rafalca . . . ”

Oh well — at least they didn’t strap the horse to the roof of their car and go on a trip . . . did they?

 They probably have their horses set up as a business.  That is the only way you can deduct them.  Or if you show and win prize money you can deduct your expenses to offset the prize winnings.

So the rich get to deduct tens of thousands on caring for a freaking horse? Yeah, they need another tax break. They are what they are: greedy, self-centered, entitled, spoiled brats.