Are you thinking of taking part in a horse racing partnership or syndicate, or maybe you are an active partner? If so, it is timely to know how to begin matters correctly in order to keep track of your horse racing partnership percentage and be prepared when you have to give an account of your records for yearly tax preparation or other purposes.
If you require the IRS to treat your horse racing partnership activities as a business then you must conduct your dealings in a businesslike fashion. start off on the right foot, before joining any partnership you should have a precise picture of both what you expect and what the syndicate is laying on the table. A business plan can outline what you are looking for in a syndicate and what you anticipate earning from your outlay.
A list of points that need to be included in your horse racing partnership business plan are:
* Where you plan to obtain the money necessary to make both the opening investment in a horse racing partnership and to cover the ongoing monthly consumptions.
* A time frame for the partnership, how long is the undertaking, 1 year, 4 years, etc.
* Means of finding the horse, where will be purchased from, auction, private sale, etc.
* A budget figuring both potential earnings and expenses.
* Define the limits in which the horse racing partnership will function, for example, do you want to race regionally or go national.
* Determine your prospects for insuring your investiture, (i.e. liability and mortality insurance).
* Is there a clause in the contract so you can cancel the horse racing partnership should you choose to do so?
As well as a business plan, you need to know how to establish your business properly and how to account for income and expense. Some things you need to do in order to get your business set up properly include:
* Hire an accountant knowledgeable in the subject of horse racing partnerships.
* Set up a separate checking account for your share of the horse racing partnership and mark it as such for example, John Smith d/b/a Partnership Name, LLC.
* Retain all bills, receipts, check stubs from winnings, etc. that relate to your horse racing partnership activities.
* Begin an appointment book and travel log to document appointments, visits to the racing stable, phone calls, any travel, all associated mileage, etc.
With intelligent planning, you can become involved in the sport of horse racing with defined expectations and organization, which will help you pick out a horse racing partnership more quickly. You will also be set up to keep track of your equine activities in a businesslike way, which will prepare you for tax time. Being prepared forestalls concerns or issues, which will allow you to really relax and relish your thoroughbred horse racing partnership!
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During recent years, purchasing a percentage in a thoroughbred racehorse has become more and more popular. The trouble is – where to commence? PartnersInThoroughbreds is a web site committed to horse racing partnerships. All current partnerships and syndicates are included and the News and Features sections embracing listed partnerships are constantly updated. If you’re in any way interested in a racehorse partnership ….
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English language graduate, avid fan of thoroughbred horse racing. Recently increasingly involved in horse rescue and rehabilitation. Keen supporter of a number of thoroughbred retirement charities.
PartnersInThoroughbreds is a labor of love. Many people wonder at the grace and athleticism of the thoroughbred, but don’t realize the number of partnership opportunities available to them.
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Most owners actually don't make money racing.
Only about 70% of all Thoroughbreds ever get to the races, and only about 55% of all Thoroughbreds ever win a race. It costs about $25,000, give or take a few thousand, to keep a horse in training for a year; more for the major racing centers like New York or Southern California, less for tracks away from the major population centers. roughly 10-15% of all Thoroughbreds earn enough money during the course of a year to cover their training expenses.
Some owners can recover the residual value of their horse at the end of its racing career by selling, but most racehorses– particular male racehorses– have residual value that is low or even zero at the end of their racing careers.
Basically, most people who are in racing are in it for the excitement, the fun, the competition; and the hope that maybe they'll be the one to strike it rich with a horse like Mine That Bird– or one of his relatives. It's the hope of getting that one special horse, plus the love of racing in general, that keeps people going.
As I always say, there's a village missing it's idiot somewhere and they can usually find them trolling on here. They think that if they repeatedly ask the same question and rave their PETA misinformation, that someone might actually end up agreeing with them. Let's hope not!
i don't like the gambling, the horse race is alright, mainly only good in the Kentucky Derby when you are really rooting for a horse to get the triple crown
http://www.xpressbet.com
You have to sign up, but it's completely free. There's no fees for watching or betting. And they have like 60 tracks you can watch. It's a great service.
Several tracks have their own broadcasts on their website, but xpressbet is great because you can get all the tracks in one place and place a bet if you'd like.
Its people like you, that pissin' an moanin', that ruin the world…………………..
I think this gives a good explanation of the definition of the various track conditions:
http://www.ultimatecapper.com/track-conditions.htm
That said, it's important to note that because there is no standard for track composition in terms of sand, silt, clay, loam, organic matter, and every track is different, each track plays differently. To cite one example, the track at Aqueduct has a high sand content because the dates run at Aqueduct are typically the wettest times of the year. So the track superintendent finds it beneficial to have a lot of sand in the track to assure fast drainage. The result is that when there has been a lot of rain, the main track at Aqueduct can be like a wet beach– it packs down and gets harder. You may get faster times on such a track than when the surface is rated "fast".
Churchill Downs historically has had a high clay content in the track surface, with the result that the track can be very cuppy at best of times ("cuppy" means that when a horse strides on it, the hoofprint forms a "cup" on the surface of the track; it has depth, and it holds its shape rather than immediately crumbling) and can be really sticky and tiring when it gets wet.
A lot depends, too, on how the track superintendent deals with rainfall. At Santa Anita and Hollywood Park in the pre-synthetic days, the superintendents had enough time in most cases to get out the heavy roller equipment and "seal" the track before rain came. Basically when they seal the track, they're rolling and compacting the surface so that instead of water penetrating and making the track muddy down deep, the water just runs off the surface and drains away. Of course, the problem with this is that even when they opened the track surface in preparation for the day's racing, there was some compaction and the track would tend to get harder. During some of our rare wet winters, the track superintendent would sometimes have to close the track to exercise in order to do deep harrowing and conditioning of the subsurface and base after the track had been repeatedly sealed.
With synthetic surfaces, I think everyone, including the people who manufacture and install them, is still on a learning curve of what has to be done to keep the track consistant and safe in all kinds of weather.
From a handicapping standpoint, the important thing to remember is that each track is unique, and that you have to become familiar with what the weather conditions do to the the individual track surface.
You need to go to a reputable trainer and tell him you're interested in buying a horse. Tell him how much you've got to spend and he'll do the rest. He might have a horse in his yard that's already for sale or he might go out and buy one for you.
Don't go buying horses over the internet!
The flat trainer Richard Hannon has had some good successes with cheaply bought horses in the past. He trains in Wiltshire.
http://richardhannonracing.tv/
Don't forget you'll have to contribute towards the horse's training expenses every week so the more people involved the cheaper it will be.
Hi,
A jockey has a very dangerous job, but a very important one. He must guide the horse in the correct way as to know how his horse runs, and performs during a race. It is his responsibility to get his horse in the correct position, and know how to guide him through traffic going at very high speeds while the rest of the field is fighting to do the same. Jockey error has played a huge roll in injuries to other jockey's and horses. The horse does the running, but it is up to the jockey to know how fast the horse runs, and when to ask the horse for his best without compromising. So the roll of a jockey is very important. Without a jockey it would be like racing a car with no driver. Hope this explains it to you.
You can go to the site for the Daily Racing Form at it should answer your questions also at any track the program will have instructions inside the cover explaining how to read the form and also how to make all wagers including the exotics.