You only have 24 hours to take advantage of the new Donald Trump tax bill. Now is the time to get your horse and get the tax breaks.

Also remember the new year is right around the corner, which means only one thing…..you need to renew your owners license today.

Below is an excerpt of a summary provided by Dean Dorton Allen Ford, PLLC, Tax Accountants, reflecting the revised depreciation provisions of the new Tax Reform Bill specifically related to Bonus Depreciation. This Bill expands the definition of new property as it relates to Bonus Depreciation and may allow you to take depreciation on 100% of your purchase acquired from September 27, 2017 through the end of the calendar year. The excerpt is as follows:

DEPRECIATION PROVISION:

Under current law, bonus depreciation (50%) may be claimed on new tangible property purchased and placed in service. The current bill increases the amount eligible to be immediately expensed to 100% of the purchase price and expands the definition of new to include the taxpayer’s first use of the property. So, if I purchase a broodmare, I may now expense 100% of her purchase price, as long as I had not previously owned her. Yearlings, racing prospects, farm equipment and office equipment, land improvements and barns, to name a few, continue to qualify for this write-off as long as they have not been owned previously by the purchaser. This provision is effective for assets purchased after September 27, 2017.

While timing is limited, we look forward to helping you in the event that you are seeking to acquire any horses to take advantage of this new tax law. Obviously, as with any tax matter we encourage you to check with your tax accountants to address your specific situation and ability to take advantage of this change.

Please give us a call if we can be of assistance.