Depreciable life is the time period over which the cost of an asset can be spread for tax or appraisal purposes, reflecting either the recovery of investment or the estimated useful economic life of an asset.
A personal residence is a dwelling unit that one claims as their primary home. This dwelling establishes one’s legal residence for voting, tax, and legal purposes.
Section 168 of the Internal Revenue Code outlines the Accelerated Cost Recovery System (ACRS) and the Modified Accelerated Cost Recovery System (MACRS), which are methods of calculating depreciation for tax purposes.
