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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.

Mike12321
Level 4
 
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George4Tacks
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-depreci... may be helpful. 


Here's wishing you many Happy Returns

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7 Comments 7
George4Tacks
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-depreci... may be helpful. 


Here's wishing you many Happy Returns
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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.
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sjrcpa
Level 15
I have depreciated a Steinway Grand Piano and a cello for  clients.

Ex-AllStar
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IRonMaN
Level 15
I am currently depreciating a kazoo over 7 years.  Instead of paying to have music play when my clients are placed on hold, I just play the kazoo instead.  I have to admit, I’m really getting good at it.  I will also have to admit, I did have a number of clients hang up on me when I first implemented my kazoo system.

Slava Ukraini!
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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/


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Mike12321
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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George4Tacks
Level 15
@Mike12321 What years are involved? 1040X may be the appropriate cure.

Here's wishing you many Happy Returns
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