Tags: jeff flake | reveals | tax | loopholes | owning | alpacas

Sen. Jeff Flake Reveals Tax Loopholes for Owning Alpacas

Fox News

By    |   Wednesday, 05 Apr 2017 12:08 PM

Sen. Jeff Flake's "Tax Rackets" oversight report exposes IRS loopholes for everything ranging from people who own alpacas to those who claim to be professional gamblers.

It is compiled from public reports and government documents, The Washington Times reported.

The analysis by the Arizona Republican identifies more than 200 tax breaks that short the government out of $1.23 trillion a year, according to the newspaper.

"The IRS has given a tax advantage to people who own alpaca," he told Fox News. And Flake noted some alpacas cost as much as $4,000.

"You can expense that all in one year," he said. "And they're pretty low maintenance. Depending on your tax jurisdiction you might be able to claim exemptions from some local taxes as well or write-offs in terms of improvements to your home.

"So you have gone from virtually zero alpacas outside of zoos in the U.S., to more than 150,000 of them around the country."

He also pointed out gamblers are able to take advantage of tax loopholes and declare losses.

"Even if you're a casual gambler, you can count wins against the losses and actually claim big tax benefits for gambling losses" he said.

"If you claim you're a professional gambler, which is kind of a loose term, you can even expense your meals and entertainment and other expenses, travel-related to gambling. We've had gamblers actually write-off about $18.5 billion in 2014 for gambling losses."

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Sen. Jeff Flake's "Tax Rackets" oversight report exposes IRS loopholes for everything ranging from people who own alpacas to those who claim to be professional gamblers.
jeff flake, reveals, tax, loopholes, owning, alpacas
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2017-08-05
Wednesday, 05 Apr 2017 12:08 PM
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