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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.

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Level 3
last updated ‎December 07, 2019 9:52 AM
 
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Level 15
last updated ‎December 07, 2019 9:52 AM

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. 


ex-AllStar

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Level 15
last updated ‎December 07, 2019 9:52 AM

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. 


ex-AllStar

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Level 12
last updated ‎December 07, 2019 9:52 AM
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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Level 14
last updated ‎December 07, 2019 9:52 AM
I have depreciated a Steinway Grand Piano and a cello for  clients.

ex-AllStar
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Level 15
last updated ‎December 07, 2019 9:52 AM
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.
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
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Level 12
last updated ‎December 07, 2019 9:52 AM

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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Level 3
last updated ‎December 07, 2019 9:52 AM
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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Level 15
last updated ‎December 07, 2019 9:52 AM
@Mike12321 What years are involved? 1040X may be the appropriate cure.

ex-AllStar
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