Solved: Depreciating a race horse. First year - Intuit Accountants Community

Welcome back! Ask questions, get answers, and join our large community of tax professionals.

Depreciating a race horse. First year

Race horse, first year. Horse is over 3 yrs old. Qualifies for 5 year. Can I use bonus depreciation as well?

1 Solution

Accepted Solutions

Hi,

Yes, the horse can qualify for bonus depreciation.

Thank you,

Mike D'Avolio

Intuit

View solution in original post

2 Comments 2

Hi,

Yes, the horse can qualify for bonus depreciation.

Thank you,

Mike D'Avolio

Intuit

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"