depreciation question

ron2024 — Tue, 12 Mar 2024 03:28:21 GMT

What are the useful life of the following assets: All of the following assets are used in a Restaurant Business 1) signage 2) reach-in freeze 3) food warmer 4) kitchen floor replacemen 5) Kitchenware 6) table for customers use

Re: depreciation question

LeticiaF1 — Tue, 12 Mar 2024 13:15:11 GMT

The depreciable life for:

Reach-in freezer-7 years
Food warmer- 7 years
Kitchenware- 7 years
Table for customers use- 7 years
Signage- signage has been typically depreciated for 15 years with the exception of LED signs that are depreciated for 5 years. See Internal Revenue Ruling.
Kitchen floor replacement- since the replacement is being done to a commercial property the depreciable life is 39 years.

For more information refer to IRS Publication 946.

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depreciation question

Re: depreciation question