Depreciation Flashcards
0
Q
Recovery Period for Most other Property
A
39 years
1
Q
Recovery Period for Residential Rental Property
A
27.5 years
2
Q
Small Tools and Software
A
3 years
3
Q
Automotive, Light Trucks, Copiers, Computers, Printers
A
5 years
4
Q
Most other personal property, equipment, office furniture, desks
A
7 years
5
Q
Real property must use what convention
A
mid month
6
Q
Tangible Personal Property uses what convention
A
half-year convention, or mid quarter convention if 40% of assets are purchased in final 3 months of the year
