Yes, a major improvement like re-piping your rental home would fall under the 'real estate' category and be depreciated at 27.5 years, like the home itself.
For tax purposes, there are six general categories of non-real estate assets. Each has a designated number of years over which assets in that category can be depreciated. Here are the most common ones:
- Three-year property (including tractors, certain manufacturing tools, and some livestock)
- Five-year property (including computers, office equipment, cars, light trucks, and assets used in construction)
- Seven-year property (including office furniture, appliances, and property that hasn't been placed in another category)
Here's more detailed info on handling Capital Improvements for your rental property and Depreciation of Business Assets.
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