Noun. 1. specific heat-the heat required to raise the temperature of one gram of a substance one degree centigrade. heat, heat energy-a form of energy that is transferred by a difference in temperature. 1  Facebook.
You begin to depreciate your property when you place it in service for use in your trade or business or for the production of income. You stop depreciating property either when you have fully recovered your cost or other basis or when you retire it from service, whichever happens first.
You will need to complete IRS Form 4562, Depreciation and Amortization. What is depreciation? Depreciation is an accounting concept that applies to a businessâ fixed assets, such as buildings, furniture and equipment. It spreads the cost of the fixed asset over its useful life so that the expense of the asset can be matched to income.