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I'm trying to enter a lesson horse as an asset, but I am having a hard time selecting a category because nothing fits. How do you book a horse as an asset purchased?

 
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2 Replies
MaryK4
Expert Alumni

I'm trying to enter a lesson horse as an asset, but I am having a hard time selecting a category because nothing fits. How do you book a horse as an asset purchased?

 The depreciation schedule (MACRS) depends on the horse's age when you "placed it in service" (began using it for lessons):
3-Year Property for a horse that is more than 12 years old when you started using it for business.
7-Year Property for any horse 12 years old or younger when placed in service.

 

  • Asset Type="Intangibles, Other property" or "Other Property".
  • Describe the Asset= "Lesson Horse" and the date it started working for your business.
  • Specify Asset Class:
    Manually select Asset Class 7-year (for horses ≤12 years old) or Asset Class 3-year (for horses >12 years old).
    Depreciation Method= Use 200% Declining Balance (the default MACRS method). 
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I'm trying to enter a lesson horse as an asset, but I am having a hard time selecting a category because nothing fits. How do you book a horse as an asset purchased?

I knew what the depreciation needed to be. The trouble was actually that I was using the online version of TurboTax. It doesn't allow customization of asset depreciation. Not to that level anyway. Once I switched to the desktop version, problem solved. 

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