What is the class life for a piano? Self-prepared client chose 3 years SL and HY convention, but I think they took a full year in the first year.

Forum|Forum|6 years ago
December 7, 2019
7 replies
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ProSeries Basic

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Best answer by George4Tacks

Once you determine the facts of your clients first year return, then you can decide whether you really want to change the depreciation life. https://ttlc.intuit.com/community/business-taxes/discussion/should-i-deduct-entire-amount-or-depreciate-musical-instrument/00/57060 may be helpful.

George4TacksAnswer

Level 15

Once you determine the facts of your clients first year return, then you can decide whether you really want to change the depreciation life. https://ttlc.intuit.com/community/business-taxes/discussion/should-i-deduct-entire-amount-or-depreciate-musical-instrument/00/57060 may be helpful.

Answers are easy. Questions are hard!

qbteachmt

Level 15

We don't depreciate any of our instruments or even bows. The electronic stuff is treated as Expense, and the parts or fixes for acoustic instruments are treated as maintenance and repairs.

Don't yell at us; we're volunteers

qbteachmt

Level 15

It's not specifically named as "listed" property. I would refer you to this article from the Eastman School:

https://iml.esm.rochester.edu/polyphonic-archive/article/depreciation-of-musical-instruments/

Don't yell at us; we're volunteers

M

Mike12321Author

Level 4

Thanks, I ran across this article when I did a google search also. But now do I need to file a 3115? It seems like yes.

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