The Purebred Owners Conference 2023 streamed its first webinar on March 7, which dives into the accounting and tax considerations available to Thoroughbred owners.
The conference series is organized by The Jockey Club and the Purebred Breeders and Owners Association and presented by the Bessemer Trust, Stoll Keenon Ogden and The Green Group. The conference is sponsored by Mersant International.
The workshop was moderated by Gary Falter, OwnerView’s project manager, and the panelists were Len Green, founder and president of The Green Group; Jonathan Green, a certified financial planner and manager with DJ Stable; and Aron Yagoda, Thoroughbred owner and board member of the New York Thoroughbred Riders Association.
Workshops cover a wide range of topics, including understanding cost of ownership, accounting principles, tracking revenue and expenses, tax considerations, sales, and industry contributions.
Virtual attendees can ask questions via the question and answer link at the beginning of the discussion and again at the end of the workshop.
The workshop began with a discussion of the overall costs of owning a racehorse and how to budget.
According to Yagoda, to get started, you have to hire a trainer and understand the cost of training, which can be about three-quarters to 80% of your monthly bill.
“They (training costs) range from $65 a day to $125 a day depending on where you’re racing and what lap you’re racing on, and there are other costs associated with that.” you have to consider.” he say.
“You’re talking about somewhere else $1,000 to $3,000 a month constitutes veterinary bills, transportation costs, blacksmithing, travel, and race,” says Jonathan Green.
He continued: “There really isn’t much of a price difference between lobbying a horse for $5,000 or lobbying a graded bet winner. “The costs are almost the same. The fixed costs are almost the same. The only difference is that if you have a better horse, you will spend a little more to invest in equity nominations and maybe a little less for vet fees, but otherwise it costs almost the same amount.”
Regarding tax considerations, Len Green explains some of the differences between owning racehorses and other assets as well as some of the different types of deductions and expenses associated with horse ownership.
“Business people really know how to save taxes and maximize your deductions, and you really want to be dynamic enough to do each of these things,” says Len Green. “The key to a chance to make money is to stay active and keep records, see where you are and if needed, pivot and change the way you’re doing things.”
The session ended with a discussion of how owners can give back to the industry.
“The way we look at it and try to promote it to our customers is that when you buy a horse, you’re buying a horse for the life of that horse. You’re not just buying it for your racing career. that horse,” said Jon Green. “If you have the opportunity to repurpose that horse and retrain it for a second career, we really feel that’s what you should do.”
The replay of Tuesday’s console and the previous Purebred Owners Conference panel is available.
Nine additional Thoroughbred Owners Conference virtual boards are planned for 2023.
The next session will be held on April 4 at 2 p.m. ET and will feature handicap experts discussing in detail a variety of betting options and handicaps for your horse race. A full schedule can be found This.
There is no registration fee for the 2023 virtual conference series, but registration is required. More information about the owner conference series, including the schedule of the boards and registration, is available online or by contacting Gary Falter at 859.224.2803 or [email protected].
This press release has been edited by BloodHorse Staff for content and style.
