The IRS safe harbor rule is typically that if you have turned a profit in at least three of five consecutive years, the IRS will presume that you are engaged in it for profit. This may be extended to a profit in two of the prior seven years in the specific case of horse...
It is an allowance for the wear and tear, deterioration, or obsolescence of the property. MACRS Depreciation Calculator MACRS depreciation calculator with schedules. Adheres to IRS Pub. 946. Supports Qualified property Vehicle maximums 100% bonus depreciation Safe harbor rules Latest tax-year 2023 ...