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money question of the equine kind...

Takeshi_Kovacs · 2005-12-26 14:01:33

not sure if this is the best place to ask, but here goes.. i am currently in coownership of a horse with my sister, of which we have put 3K into, hopefully in a year or two, with a bit of work done with the horse, we hope to at least sell him for 10000+ at the very minimum... i am just wondering what the tax implications…

26-12-2005 2:01pm

#1

Takeshi_Kovacs

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not sure if this is the best place to ask, but here goes..
i am currently in coownership of a horse with my sister, of which we have put 3K
into, hopefully in a year or two, with a bit of work done with the horse, we hope to at least sell him for 10000+ at the very minimum...

i am just wondering what the tax implications of the money recieved from the sale would be......

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Comments

#2 01-01-2006 10:38am

RainyDay

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You could be liable for Capital Gains Tax (20% of the gain, annual allowance of €1,270 per person) or Income Tax at your marginal rate, if Revenue deem your horsey activities to be a trade.

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#3 01-01-2006 7:42pm

Takeshi_Kovacs

Registered Users, Registered Users 2 Posts: 1,115 ✭✭✭

Join Date: August 2005

Posts: 1016

hmmm cgt, is there no end to the different types of taxes we are tormented with...

thanks for the reply, i'm wondering though would deem full time wheeling and dealing in the horses as a trade, or would i be alright as i am only going to be selling the odd one or two...

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