ROMNEY'S TAX RETURN THROWS RAFALCA UNDER THE BUS!

[kpete]

Romney Rafalca Horse Tax Deduction: Back in 2010, Mitt Romney deducted the cost of maintaining (feeding, brushing, training) his wife's show horse, Rafalca, as a business expense. A lot of people ridiculed the idea that Rafalca was a business, arguing that, because Rafalca didn't generate any revenue, the horse was merely a hobby. But, assuming Rafalca was actually a business, that's kosher. Maybe the Romneys regarded Rafalca as a startup enterprise that would eventually produce revenue, or an asset that might eventually be sold at a gain.

In any event, the Romney's apparently no longer regard Rafalca as a business.

How do we know this? Because the Romneys didn't deduct the cost of Rafalca's care and feeding from their 2011 tax return. So, what changed? Why was Rafalca a business in 2010 and a personal hobby in 2011?

MORE:
http://www.businessinsider.com/romney-rafalca-horse-tax-deduction-2012-9

http://delong.typepad.com/sdj/2012/09/romneys-tax-return-throws-rafalca-under-the-bus.html

[unblock]

1. my understanding is you can only claim a loss for 3 years running before the irs deems it a hobby.

of course, the rmoney argument would be that they didn't want to pay "too low" of a tax rate, just as they didn't claim millions in supposed charitable deductions.

[gopiscrap]

2. I feel sorry for the horse

innocent animal having to be tainted by the "stench" of Rmoney and queen Ann