Items you can depreciate and what depreciation category they belong in. Any item you buy that costs more than $2,500 and use for your business must fit into one of the following categories:
* Office Equipment – 5 year property Computer: printer, copier, fax, desk, filing cabinets, scanner, printer stand, computer tables, and desk chair
* Other Personal Property – 7 year property: Appliances (washer, dryer, freezer, refrigerator, microwave, dishwasher, etc.), furniture (tables, chairs, sofa, lawn furniture, rocking chair, etc.), bookcase, dehumidifier, entertainment center, hand/power tools, ladder, lamps, lawn furniture, outdoor play equipment, picnic table, rocking chair, rug/carpet/vinyl flooring, television, swing set, window air conditioner, etc.
Land Improvement (Items attached to the land and increase its value) – 15 year property. Cement slab, cement stairs and railing, driveway, fence, under-ground lawn sprinkler system, patio, new sewer line, sidewalk/walkway, swimming pool, etc.
Home Improvement (Items attached to your home and increase its value) – 39 year property: Attic fan, awnings, central air conditioning, deck, furnace, garage, new plumbing or electrical work, new room addition, porch, replacement windows, tile/wood flooring, remodeling, etc.
Home (Includes a trailer) – 39 year property
Vehicle (Includes a car, truck or van) – 5 year property
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