Quote:
Originally Posted by Clydepuckett
Yeah, ACRS, and then he took that away with the '86 Tax Act. Recapture was introduced in that gem. The worst move by Reagan that I recall. Good/great otherwise.
Of course, it was another classic example of the Dems playing Lucy with the football. They were promising an expense cut in return, but.....never happened...so sorry, sucker!!!
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Recapture was on the books long before 1986. ACRS went away in 1986 but was replaced by MACRS. Certainly not a reason to buy nor sell horses.
What the 86 Tax Act did bring was the passive loss rules and essentially the demise of most tax shelters. Racing got caught because virtually nobody makes income from horse ownership for racing purposes. Probably the best move by Reagan!
