Gailsab4178
Level 1
03-13-2019
06:43 AM
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Race horse, first year. Horse is over 3 yrs old. Qualifies for 5 year. Can I use bonus depreciation as well?
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mdavolio
Employee
03-14-2019
03:21 PM
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Hi,
Yes, the horse can qualify for bonus depreciation.
Thank you,
Mike D'Avolio
Intuit
IntuitCharlene
Moderator
03-14-2019
03:30 PM
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Publication 946 page 24 describes what property qualifies and what would be the exception to the rule. https://www.irs.gov/pub/irs-pdf/p946.pdf
There is nothing in the Excepted property about Livestock. It does call out that Livestock is considered Tangible Personal Property.
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