Monday, October 16, 2006

the owner's license

? Should I get a state or multi state license and where do I get those? Also what about taxes?

Your trainer would be the one to direct you on getting your license, so if you haven't got a trainer yet you need to do that first, and your accountant should advise you on taxes. You can also go to for info about the owner's license, and the National Racing Compact web site at for info on the multi state license - it's $225 plus $100 for KY, $25 for LA, $70 for IL, $40 for FL, for example.

If you don't use an accountant for your taxes, ask your trainer to recommend one who understands the tax rules on racing activities, you won't have to worry too much about that until it's time to file but wouldn't hurt to talk to an accountant to ask what the tax implications will be. Taxes and deductions on racing ventures vary from state to state.

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