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Marina - depreciation life for standpipe and fire curtains?

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    Marina - depreciation life for standpipe and fire curtains?

    My client has a marina with numerous covered slips. The fire department initiated a new code so that my client had to then design and have installed standpipes that run along the docks. Another requirement was that fire curtains be installed between each boat slip. The cost was steep, particularly for the standpipe. I'm searching for some guidance on the depreciation life. I can find that docks are included in land improvements for 15 years.

    My thought is to use 15 years for the standpipe project, write off dock repair and I'm unsure of the fire curtains. The fire curtains are not inside a building. The boat slips just have a cover over them.

    Can anyone provide any thoughts/guidance on all of this?

    Thank you

    #2
    Marina - Deprec. Life

    I know absolutely -0- about marinas.
    I realize that this is late in the game - but have you considered having a Cost Segregation Analysis done for this project - where
    the engineers break out different class lives for different types of assets - where the depreciable lives for each class of assets
    can be determined for you.
    May cost some bucks - but will save future hassle with tax authorities as to who determined the depreciable lives.
    Uncle Sam, CPA, EA. ARA, NTPI Fellow

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      #3
      My client upgraded his triple decker (6 unit) rental building, installing new standpipe and sprinkler system and we are depreciating that 27.5 years.

      Using that logic I think you can depreciate for the same period that the marina structure is being depreciated.

      Have no idea what a fire curtain is. Is it a permanent structure or some movable fence type unit?
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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