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Business & farm
What is the asset? Check to make sure 7 years is correct. You may need to amend 2018 to be consistent.
- 5-year property. This class includes computers and peripheral equipment, office machinery (typewriters, calculators, copiers, etc.), automobiles, and light trucks.
This class also includes appliances, carpeting, and furniture used in a residential rental real estate activity.
Depreciation is limited on automobiles and other property used for transportation; computers and related peripheral equipment; and property of a type generally used for entertainment, recreation, or amusement. See chapter 5 of Pub. 946.
- 7-year property. This class includes office furniture and equipment (desks, file cabinets, and similar items). This class also includes any property that does not have a class life and that has not been designated by law as being in any other class.
‎January 27, 2020
8:23 AM