what does recovery period mean on the Asset Entry Worksheet???

confused on what the "recovery Period" means on asset entry worksheet means
    Recovery period is the amount of time that it takes to fully depreciate the property in question.  If you have a rental property, and provide furniture for your tenant's use, the furniture has a five year recovery period.  This means that you are allowed to take a depreciation deduction for the furniture each year for five years.  At the end of the recovery period, the total depreciation taken should be equal to the original cost of the furniture.

    Recovery periods are different for different classes of property.  The IRS Pub on Depreciation can give you more information that is specific to you.  Most depreciable assets fall into an asset class with a specific recovery period.  Land can not be depreciated.  A residential rental dwelling can be depreciated over 27.5 years.  Personal property is depreciated over 5 years, while landscaping has a 15 year recovery period.  The recovery period for commercial property is 39 years.  

    Caveat:  for AMT purposes, the recovery period may be different.  For example, commercial property can be depreciated over 39 years, but for AMT calculations the recovery period is 40 years.

    If you have a question about which asset class a specific asset belongs to, come back to the forum and ask

      I researched what the "recovery period" was for our home office, in the home that we own, and it is 39.5 years (31.5 years if you placed it in service before 1993). I hope this helps!
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