Lion EA Posted April 17, 2011 Report Share Posted April 17, 2011 Client put a new oil tank in her home. She runs a violin studio from a % of her home. How long do I depreciate the oil tank? 7 years? 27.5 years? 39 years? Other? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 18, 2011 Author Report Share Posted April 18, 2011 Bump Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted April 18, 2011 Report Share Posted April 18, 2011 You wouldn't depreciate the oil tank just like you wouldn't depreciate the central air conditioning of the residence for example. The OIH percentage would be the oil itself. taxbilly Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 18, 2011 Author Report Share Posted April 18, 2011 Do you really break out the value of the central air conditioning of a residence before you depreciate an OIH ?? I understand about taking the indirect oil delivery expenses as part of her OIH, but I also understand that we should depreciate the OIH percentage of her house, which has been done for many years, including any capital improvements, renovations, etc. So, for 2010 she replaced the oil tank. What class is an oil tank? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 18, 2011 Author Report Share Posted April 18, 2011 Over how many years do I depreciate an oil tank added to a residence with OIH? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.