USA Depreciation


HJS

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My client purchased restaurant equipment such as ovens, refrigerators, freezers in November of 2014. The restaurant opened in May of 2015. What depreciable life does the equipment have per the IRS regulations? And what method of depreciation is commonly used? What date does depreciation begin? Also bought furniture and fixtures(tables, chairs, lamps) during November 2014. What depreciable life do the furniture and fixtures have?
 
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Depreciation begins on the date when the asset is "placed in service," which in this case should be on the date when the business began actually operating the equipment. Publication 946 (link archived back to 2015) includes a fairly comprehensive table showing expected service lives and required depreciation methods for a variety of assets.
 

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