Common Rules of All Systems No depreciation may be claimed on land or other assets that have an indefinite life works of art Depreciation is permitted in the year the asset is placed into service Consistency is required, no matter which system is used
Common Rules of All Systems • No depreciation may be claimed on land or other assets that have an indefinite life (works of art). • Depreciation is permitted in the year the asset is placed into service • Consistency is required, no matter which system is used
Types of Property Tangible Property Intangible Property Real Property Personal Property vs Personal-Use Property
Types of Property • Tangible Property • Intangible Property • Real Property • Personal Property vs. Personal-Use Property