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Gailsab4178
Level 1
March 13, 2019

Depreciating a race horse. First year

  • March 13, 2019
  • 2 replies
  • 13 views

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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2 replies

M
mdavolio
Level 4
March 14, 2019

Hi,

Yes, the horse can qualify for bonus depreciation.

Thank you,

Mike D'Avolio

Intuit

IntuitCharlene
IntuitCharleneCommunity Manager
Community Manager
March 14, 2019

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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