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I’m going to ask for your source. Not because I doubt you, but because I wonder what other interesting depreciations exist. I never knew a fence had a 5 year ta
by dfee 9y ago
I’m going to ask for your source. Not because I doubt you, but because I wonder what other interesting depreciations exist. I never knew a fence had a 5 year tax lifetime.
- patmorgan23 9y agoIt should be on the IRS website. They determine the "useful life" of various capital goods and the set the depreciation schedule. Another example I believe is that cars have a 7 year life for tax purposes.
- sgc 9y agoHave you ever seen a fence with a post about an inch from a building wall? That is great to reduce decay, but it also makes it a separate structure and depreciable as a fence instead of an extension of the building. Or so they say. I find it hard to imagine it would actually matter to an auditor. And yes, best source is the IRS. Appliances for example have their own depreciation schedule, etc. What I do is on any larger purchase just quick search in the depreciation tables to help make the decision on how/whether to do it. But many items are now 100% depreciable first year with the new tax codes, and I am not up to snuff on that at all.