assets (like silverware, pots, pans).
You don't depreciate such low cost items as that. You expense them based on the lower of a) what you paid for the item, or b) the FMV at the time placed in service. Whichever is lower. For kitchenware, I honestly would not wate my time with either.
Depreciating something like a $25 frying pan over 5-7 years is not going to make any impact what-so-ever on your tax liability.If you depreciate it, then you just create a paperwork nightmare of having to deal with the loss, damage and disposition in the future.
