Restaurant Equipment and their depreciable life

[hjsmol]

I purchased refrigerators, freezers, small ovens  in November of  2014 to be installed in a restaurant I that opened in May of 2015. I also purchased furniture(tables and chairs) and fixtures(lamps) in November of 2014 which were installed in the restaurant space in November of 2014. What is the depreciable life of the equipment? What is the depreciable life of the furnitures and fixtures?

[smarttees]

If you haven't been taking any deductions for depreciation since the 2015 opening you will need a tax pro.....you have to file a form 3115 with a 481(a) adjustment for the depreciation foregone.

[Carl]

When you installed the equipment and furniture doesn't matter. What matters is the date placed 'in service". That in service date is when depreciation starts. If you'll just work it through the program, as you enter things in the business assets section and make the proper selections, you'll see that the furniture and equipment is depreciated over 5 years. But it's not something that you need to "know". When you select the correct classification category as you work the asset through, the program will select the property MACRS schedule for you, based on your selections.

[Critter]

Agreed ... if you are not completing these old returns now then you really need a tax pro to assist you ... and since TT no longer supports the 2015 programs you must complete them by hand or use a local tax pro. If you need to catch up on 4 years of returns then using a pro is a really good idea ... most will usually give you a discount on multiple returns completed at the same time.

[Critter]

If you have been filing the prior year returns correctly and are just now using the 2019 TT program then you will use the information from your prior year depreciation worksheet to enter in all the assets into the system.