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

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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?

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Accepted Solutions

Hi,

Yes, the horse can qualify for bonus depreciation.

Thank you,

Mike D'Avolio

Intuit

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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.

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