topic Re: Purchased horses I use for work on the Ranch, what can I deduct? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-purchased-horses-i-use-for-work-on-the-ranch-what-can-i-deduct/01/1752466#M165636 <P>It depends on what "work on the Ranch" means.</P> <P>&nbsp;</P> <P>If a W-2 employee,&nbsp; job expenses are not deductible, and assets purchased for the job are not depreciable.&nbsp;</P> <P>If you are self employed or a contract employee, the horse is depreciable property, as explained in the other answer.</P> <P>If you are the ranch owner, the ranch must be an income generating activity, for you to claim deductible expenses or depreciate assets.</P> Tue, 08 Dec 2020 15:16:14 GMT Hal_Al 2020-12-08T15:16:14Z Purchased horses I use for work on the Ranch, what can I deduct? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/purchased-horses-i-use-for-work-on-the-ranch-what-can-i-deduct/01/1752287#M165634 Tue, 08 Dec 2020 01:52:05 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/purchased-horses-i-use-for-work-on-the-ranch-what-can-i-deduct/01/1752287#M165634 Threeliitlepigsranch 2020-12-08T01:52:05Z Re: Purchased horses I use for work on the Ranch, what can I deduct? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-purchased-horses-i-use-for-work-on-the-ranch-what-can-i-deduct/01/1752294#M165635 <P>They are assets and need to be listed as such ...&nbsp; &nbsp;see page 98 of the CLADR tables.&nbsp; &nbsp;&nbsp;<A href="https://www.irs.gov/pub/irs-pdf/p946.pdf" target="_blank">https://www.irs.gov/pub/irs-pdf/p946.pdf</A></P> Tue, 08 Dec 2020 02:02:58 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-purchased-horses-i-use-for-work-on-the-ranch-what-can-i-deduct/01/1752294#M165635 Critter-3 2020-12-08T02:02:58Z Re: Purchased horses I use for work on the Ranch, what can I deduct? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-purchased-horses-i-use-for-work-on-the-ranch-what-can-i-deduct/01/1752466#M165636 <P>It depends on what "work on the Ranch" means.</P> <P>&nbsp;</P> <P>If a W-2 employee,&nbsp; job expenses are not deductible, and assets purchased for the job are not depreciable.&nbsp;</P> <P>If you are self employed or a contract employee, the horse is depreciable property, as explained in the other answer.</P> <P>If you are the ranch owner, the ranch must be an income generating activity, for you to claim deductible expenses or depreciate assets.</P> Tue, 08 Dec 2020 15:16:14 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-purchased-horses-i-use-for-work-on-the-ranch-what-can-i-deduct/01/1752466#M165636 Hal_Al 2020-12-08T15:16:14Z
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topic Re: Purchased horses I use for work on the Ranch, what can I deduct? in Deductions & credits
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<P>It depends on what "work on the Ranch" means.</P> <P>&nbsp;</P> <P>If a W-2 employee,&nbsp; job expenses are not deductible, and assets purchased for the job are not depreciable.&nbsp;</P> <P>If you are self employed or a contract employee, the horse is depreciable property, as explained in the other answer.</P> <P>If you are the ranch owner, the ranch must be an income generating activity, for you to claim deductible expenses or depreciate assets.</P>
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Purchased horses I use for work on the Ranch, what can I deduct?
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Re: Purchased horses I use for work on the Ranch, what can I deduct?
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-purchased-horses-i-use-for-work-on-the-ranch-what-can-i-deduct/01/1752294#M165635
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<P>They are assets and need to be listed as such ...&nbsp; &nbsp;see page 98 of the CLADR tables.&nbsp; &nbsp;&nbsp;<A href="https://www.irs.gov/pub/irs-pdf/p946.pdf" target="_blank">https://www.irs.gov/pub/irs-pdf/p946.pdf</A></P>
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Re: Purchased horses I use for work on the Ranch, what can I deduct?
</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-purchased-horses-i-use-for-work-on-the-ranch-what-can-i-deduct/01/1752466#M165636
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<P>It depends on what "work on the Ranch" means.</P> <P>&nbsp;</P> <P>If a W-2 employee,&nbsp; job expenses are not deductible, and assets purchased for the job are not depreciable.&nbsp;</P> <P>If you are self employed or a contract employee, the horse is depreciable property, as explained in the other answer.</P> <P>If you are the ranch owner, the ranch must be an income generating activity, for you to claim deductible expenses or depreciate assets.</P>
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