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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.
The time period you have to depreciate a carpet in a rental depends on whether it is classified as personal property or part of the building structure. If the carpet is tacked down, it is classified as personal property and is depreciated over five years.But if the carpet in a residential rental property is glued down, it is considered to be part of the building structure and must be depreciated over a whopping 27.5 years.mong these are the cost of improvements and repairs to the space you rent out. Repairs are currently deductible--that is, the entire cost can be deducted in a single year. On the other hand, improvements must be depreciated--that is, deducted a portion at a time over several years.