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R
ron2024
March 11, 2024
Question

useful life depreciation

  • March 11, 2024
  • 1 reply
  • 0 views
What are the useful life of the following assets: All of the following assets are used in a Restaurant Business 1) signage 2) reach-in freeze 3) food warmer 4) kitchen floor replacemen 5) Kitchenware 6) table for customers use

    1 reply

    J
    JamesG1
    March 11, 2024

    See pages 28-30 in IRS Publication 946 here for broad categories of business property.

     

    Page 28 states that 7 year property includes:

     

    Any property that does not have a class life and has not been designated by law as being in any other class.

     

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