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expected life of a gas kiln for tax purposes?

updated fri 9 apr 04

 

Susan Giddings on thu 8 apr 04


All,

I am hoping someone will know the answer....
I am purchasing a kiln this year and, for tax planning, want to tell my
accountant what the expected useful life of the kiln is. I know IRS has
publications that delineate the useful life of all sorts of equipment but I
don't happen to have that publication. Am wondering what others of you may
use for this value? (needed for annual depreciation write off.)

I don't think it matters, but if it does, I am buying a Bailey kiln, 18
cubic foot capacity, over $10,000 in cost.

Any help is appreciated....
TIA,
S

------------------
Susan Giddings

"There are painters who transform the sun into a yellow spot, but there are
others who, thanks to their art and intelligence, transform a yellow spot
into the sun." Pablo Picasso

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Bonnie/Jeremy Hellman on thu 8 apr 04


Susan,

For tax planning, the expected life of a kiln, like most equipment, is 7
years. This is hopefully a lot shorter than the anticipated functional life
of the kiln. You should not need to tell this to your accountant-- a kiln is
equipment, regardless of the cost, and equipment is 7 year property. A new
kiln is eligible for Section 179 depreciation or bonus depreciation, if it
meets the other qualifications and your tax situation allows it, and you
want to accelerate the deduction.

Enjoy that new kiln! Your accountant will want to know the date that the
kiln is put into service as well, i.e. ready to use. Just buying it isn't
enough.

Bonnie
Bonnie Hellman, CPA in PA & CO



----- Original Message -----
From: "Susan Giddings"
To:
Sent: Thursday, April 08, 2004 9:33 AM
Subject: expected life of a gas kiln for tax purposes?


> All,
>
> I am hoping someone will know the answer....
> I am purchasing a kiln this year and, for tax planning, want to tell my
> accountant what the expected useful life of the kiln is. I know IRS has
> publications that delineate the useful life of all sorts of equipment but
I
> don't happen to have that publication. Am wondering what others of you may
> use for this value? (needed for annual depreciation write off.)
>
> I don't think it matters, but if it does, I am buying a Bailey kiln, 18
> cubic foot capacity, over $10,000 in cost.
>
> Any help is appreciated....
> TIA,
> S
>
> ------------------
> Susan Giddings
>
> "There are painters who transform the sun into a yellow spot, but there
are
> others who, thanks to their art and intelligence, transform a yellow spot
> into the sun." - Pablo Picasso
>
> _________________________________________________________________
> Limited-time offer: Fast, reliable MSN 9 Dial-up Internet access FREE for
2
> months!
>
http://join.msn.com/?page=dept/dialup&pgmarket=en-us&ST=1/go/onm00200361ave/direct/01/
>
>
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