MACRS Flashcards
1
Q
3 year property
A
Special tools
Racehorses
2
Q
5 year property
A
Automobiles
Trucks
Computers
Copiers
3
Q
7 year property
A
Furniture and fixtures
Machinery
Equipment
4
Q
10 year property
A
Boats
Other water transportation equipment
5
Q
Depreciation of residential rental property
A
27.5 years
Straight line
6
Q
Depreciation of non residential real property
A
39 years
Straight line
7
Q
Section 179 deduction
A
Can deduct up to $1,050,000 of property purchased in the year used for business.
If purchased over $2,620,000, maximum is reduced dollar for dollar
