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Question

LLC Owning Racing Greyhounds

Forum|Forum|3 years ago
February 28, 2023
1 reply
0 views

I am preparing a partnership return for a 2-member LLC that owns racing greyhounds. Do I have to depreciate the asset or can I take the full purchase expense in 1 year? Income comes from purses won. Expenses are purchase price of greyhounds.

TurboTax Business Windows

there is probably a greyhound racing organization in the US that you can contact for tax info. be aware that if this venture does not produce a profit in any 3 out of 5 consecutive years, the iRS can treat it as a hobby unless you can prove it's a business. as a hobby all your expenses would be disallowed. IRC 183,

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your only expense is their cost? who pays to feed, train, house them, vet bills and other expenses.

We pay a monthly board/training fee until they are leased to racing kennel.