Can I write off the $5000 training expenses for my horse that I intend to sell in the near future? And then how do I report the sale in the upcoming years whenever I do sell it? It may only sell for $5000, but it may also sell for more.
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Since you are planning on selling the horse to make a profit, rather then using the horse to generate revenue in the current period, this would be considered an investment and as such you must add the training cost to the cost of the horse and deduct it when you sell the horse. It will then factor into the gain or loss on the sale.
Since you are planning on selling the horse to make a profit, rather then using the horse to generate revenue in the current period, this would be considered an investment and as such you must add the training cost to the cost of the horse and deduct it when you sell the horse. It will then factor into the gain or loss on the sale.
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