anyone ever had a race horse or been in a synd, page-10

Some great posts. Never owned a horse but know friends that have. None made a profit.

What are the tax implications? I know you can depreciate the purchase price of a horse. I think over 2.5 years.

But can all costs be offset against other income or does it count as a hobby? Or once you 'earn' $20k pa does the tax office count it as a 'business'?