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I purchased a race horse in Nov 2019. The horse has not raced yet and is still in training. How/when should I claim this expense?

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I purchased a race horse in Nov 2019. The horse has not raced yet and is still in training. How/when should I claim this expense?

You would report the expenses for the horse as a business expense on Schedule C. You will need to use TurboTax Self-Employed and set up your Race Horse a business.

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