Depreciation on a boat slip?

[TaxBird]

I'm wondering if a boat slip is depreciable or if it's considered to be like land. Does anyone know or can direct me to an authoritative reference?

And while I'm at it, does anyone have a quick, reliable way to research IRS depreciable lives that doesn't involve paging through the 122+ IRS pub?

Any advice woudl be greatly appreciated.

[gkaiseril]

Most boat slips are rented on a yearly basis.

If it is owned. then the docking structure is depreciated.

[TaxBird]

Yes. That's the situartion here. My client purchased a boat slip that he rents out. Seems to me it's like renting out a parking space so as such woudl be looked upon like a piece of vacant land.

Nonetheless, if the docking structure is depreciable would you happen to know how many years one would use? As you may be able to tell, I'm new to this boating stuff so a cite would be very helpful as well.

Thank you.

[gkaiseril]

You client does not own the land underwater, so I would depreciate the docking structure as a land improvement over 15 years.

00.3 LAND IMPROVEMENTS:

Includes improvements directly to or added to land, whether such improvements are section 1245 property or section 1250 property, provided such improvements are depreciable. Examples of such assets might include sidewalks, roads, canals, waterways, drainage facilities, sewers (not including municipal sewers in Class 51), wharves and docks, bridges, fences, landscaping shrubbery, or radio and television transmitting towers. Does not include land improvements that are explicitly included in any other class, and buildings and structural components as defined in section 1.48-1(e) of the regulations. Excludes public utility initial clearing and grading land improvements as specified in Rev. Rul. 72-403, 1972-2 C.B. 102.

[TaxBird]

Excellent!

Execellent rationale. This will make my client (and me) very happy.

Thanks again!