pready
Nov 9, 2008, 10:01 AM
Estimated useful life refers to the length of time that your equipment will have economic benefit for your company.
lrwilkins
Nov 18, 2008, 07:22 PM
Pready is correct. It can also be used to for rental properties. The IRS website had lots of useful charts that show just how long a certain item is supposed to last. Here is a link to it:
A Brief Overview of Depreciation (http://www.irs.gov/businesses/small/article/0,,id=137026,00.html)
If you are doing work for school or trying to learn how to depreciate for accounting, try Accounting Coach. I use it whenever I have accounting questions.
Depreciation | AccountingCoach.com (http://www.accountingcoach.com/online-accounting-course/11Xpg01.html)
I hope this information helps.
LaCresha