Romney's Tax Return Throws Rafalca Under the Bus!
Henry Blodget:
Romney Rafalca Horse Tax Deduction: Back in 2010, Mitt Romney deducted the cost of maintaining (feeding, brushing, training) his wife's show horse, Rafalca, as a business expense. A lot of people ridiculed the idea that Rafalca was a business, arguing that, because Rafalca didn't generate any revenue, the horse was merely a hobby. But, assuming Rafalca was actually a business, that's kosher. Maybe the Romneys regarded Rafalca as a startup enterprise that would eventually produce revenue, or an asset that might eventually be sold at a gain.
In any event, the Romney's apparently no longer regard Rafalca as a business.
How do we know this? Because the Romneys didn't deduct the cost of Rafalca's care and feeding from their 2011 tax return. So, what changed? Why was Rafalca a business in 2010 and a personal hobby in 2011?
