companies under section 133 the useful life of an asset shall not normally be (ii) Furniture and fittings used in hotels, restaurants and boarding houses,. Feb 18, 2019 - Assets the IRS estimates to have a useful lifespan of three years includes horses that are 2 years or older, tractors, and tractor units. You're probably wondering how you figure out the useful life of a fixed asset. Well . Cost of the fixed asset: What you paid for the equipment, furniture, structure, . The useful life of an asset is the period over which an asset is expected to be (ii) Furniture and fittings used in hotels, restaurants and boarding houses, . Asset type. Useful life for tax. Type of tax depreciation method. Applicable tax depreciation rate. Comments. Office equipment. Chairs. Desks. Reception assets. 10, 000716, 16 YEARS USEFUL LIFE, 16. 11, 000717, 17 YEARS USEFUL LIFE, 17. 12, 000718, 18 . 104, 000107, CHAIR, METAL OR WOOD, ALL, 15. May 24, 2019 - For example, office furniture belongs to the Office Furniture, Fixtures, and Equipment asset class, which assigns a useful life of 7 or 10 years, . Learn more about useful life and depreciation including fixed asset depreciation & accounting and the estimated useful life of assets. Jun 3, 2019 - Calculating furniture depreciation does not have to be difficult, and new . The taxes are then calculated over the life of the furniture based on . Oct 16, 2015 - This asset class includes furniture and fixtures that are not a structural component . Below are the associated class lives and recovery periods:.