Asset Class 57.0

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  • Gretel
    Senior Member
    • Jun 2005
    • 4008

    #1

    Asset Class 57.0

    This is the asset class, we as professionals, have to use for our furniture & Equipment purchases. This is my question: Is it mandatory, or is it a choice to use this class or the regular classes for these types of purchases?
  • veritas
    Senior Member
    • Dec 2005
    • 3290

    #2
    Classes

    Originally posted by Gretel
    This is the asset class, we as professionals, have to use for our furniture & Equipment purchases. This is my question: Is it mandatory, or is it a choice to use this class or the regular classes for these types of purchases?
    office furniture and fixtures is class 00.11

    computers, printers class 00.12

    calculators, copiers class 00.13

    Comment

    • Maribeth
      Senior Member
      • Oct 2006
      • 425

      #3
      Originally posted by Gretel
      This is the asset class, we as professionals, have to use for our furniture & Equipment purchases. This is my question: Is it mandatory, or is it a choice to use this class or the regular classes for these types of purchases?
      Well, as the depreciation life is 5 years and that classification covers professional services, retail & wholesale trade (and rental real estate appliances, carpet, etc!), that is the class I almost always use with my small businesses and with my services. Most of your professional services assets would already be 5 year property except for furniture & fixtures.

      Do you want to go for a longer life?

      Maribeth

      Comment

      • Gretel
        Senior Member
        • Jun 2005
        • 4008

        #4
        Originally posted by Maribeth
        Well, as the depreciation life is 5 years and that classification covers professional services, retail & wholesale trade (and rental real estate appliances, carpet, etc!), that is the class I almost always use with my small businesses and with my services. Most of your professional services assets would already be 5 year property except for furniture & fixtures.

        Do you want to go for a longer life?

        Maribeth
        Well, most of all I do not want to do it wrong any longer. It took me a while to realize that I did for my own business.

        Comment

        • Maribeth
          Senior Member
          • Oct 2006
          • 425

          #5
          Then, yes, I use that class for my practice assets. And for most of my small businesses.

          Maribeth

          Comment

          • Roland Slugg
            Senior Member
            • Aug 2006
            • 1860

            #6
            Although it is easy to not notice it, Appendix B in IRS Pub 946 is actually divided into two parts ... Tables B-1 and and B-2 ... and the instructions at the top of Appendix B describe (rather poorly IMO) how to use them. Table B-1 lists categories of assets, whereas Table B-2 lists categories of businesses/industries. If an asset type is listed in B-1, that takes precedence over things listed in B-2. If an asset is not described in B-1, then you look in B-2 and use the life listed there for that kind of business.

            Almost all assets used by tax and accounting professionals are covered in the first three categories in Table B-1 ... 00.11, 00.12 and 00.13. Certainly everything in my office is.
            Roland Slugg
            "I do what I can."

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