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Furniture and fixtures, equipment and leasehold improvements are stated at cost. Depreciation of furniture and fixtures and equipment is computed using the straight-line method over estimated useful lives that range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related leases.
TL is incorrect. You have to figure this depreciation based on the schedule that you are using on your tax form for depreciating the carpet. Ask your accountant how many years he is taking off the new carpet on your taxes. It can be from 5-10 years (7 is just the average).ake the carpet's cost, divide it by the number of years you are depreciating it on your taxes, then multiply by 2. Carpet price / # of yrs depreciated x 2 = wear & tear. That equals the amount of normal wear and tear you would have already had from any normal tenant who had lived there for 2 years.