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
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1 Replies
LeticiaF1
Employee Tax Expert
Mar 12, 2024 6:15:11 AM
The depreciable life for:
Reach-in freezer-7 years
Food warmer- 7 years
Kitchenware- 7 years
Table for customers use- 7 years
Signage- signage has been typically depreciated for 15 years with the exception of LED signs that are depreciated for 5 years. See Internal Revenue Ruling.
Kitchen floor replacement- since the replacement is being done to a commercial property the depreciable life is 39 years.