Yes, each year you will receive an Annual Racehorse Tax Return (Form 571-J) which includes detailed characteristics and earnings for each horse owned (Revenue and Taxation Code, 5701-5720.5).
Please note that you are required to compute the tax liability and submit the form and taxes by February 15 to the Riverside County Tax Collector-Treasurer, P.O. Box 12005, Riverside, CA 92502-2205, or penalties will result.
If you own property that boards racehorses, you must file the “Annual Report of Boarded Racehorses” (Form 571-J1). This forms must be completed by January 10 and submitted to the Riverside County Assessor-County Clerk-Recorder, PO Box 1240 Riverside, CA 92502-1240.