American Society of Equine Appraisers

When you got your horse, you may not have thought about what you would do if you could no longer keep it. Although selling your horse is one option, there IS another: donating it to a nonprofit group. You know where it’s going and the care it will receive, and in many cases, you can also get a tax deduction. Today’s “Tuesdays with Equidae” briefly discusses that option.

Make sure the organization you choose to receive your horse is certified by the IRS as a nonprofit 501(c)3 organization. Keep all records, including how the horse’s value was determined, and obtain an appraisal from a qualified appraiser if the horse value exceeds $5,000. The American Society of Equine Appraisers website (www.equineappraiser.com) is helpful in this regard.

Some exceptions reduce or eliminate the charitable deduction for a donated horse, including if the charity does not use the horse to further its exempt purpose. For example, if you give a horse to the United Way, and they turn around and sell that horse and keep the proceeds, that does not qualify for a fair market value deduction.

Also note that additional tax filings are required dependent on the value of the donated horse.

Always do what's best for your horse, but potential options are out there for you to be tax efficient about it.

Before making any decisions about donating your horse, or for more information on charitable tax deductions, contact your financial advisor. If you’re a UPHA member, watch our sponsored tax webinar on-demand now on the UPHA website: https://www.uphaonline.com/


United Professional Horsemen's Association American Society of Equine Appraisers
Billy Jarrell Suzy Zarin Shiflet Stacey Allen Halloran

Merry Christmas Jay, staff and all fellow appraisers!

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Finally! I have been looking forward to the ASEA page. It looks great. Looking forward to connecting with other Equine Appraisers through posts and comments.