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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Hi,
Yes, the horse can qualify for bonus depreciation.
Thank you,
Mike D'Avolio
Intuit
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.
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