topic Purchased horses I use for work on the Ranch, what can I deduct? in Deductions & credits

Purchased horses I use for work on the Ranch, what can I deduct?

Threeliitlepigsranch — Tue, 08 Dec 2020 01:52:05 GMT

Critter-3 — Tue, 08 Dec 2020 02:02:58 GMT

They are assets and need to be listed as such ... see page 98 of the CLADR tables. https://www.irs.gov/pub/irs-pdf/p946.pdf

Hal_Al — Tue, 08 Dec 2020 15:16:14 GMT

It depends on what "work on the Ranch" means.

If a W-2 employee, job expenses are not deductible, and assets purchased for the job are not depreciable.

If you are self employed or a contract employee, the horse is depreciable property, as explained in the other answer.

If you are the ranch owner, the ranch must be an income generating activity, for you to claim deductible expenses or depreciate assets.