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What qualifies as a depreciable property?

To be depreciable, a property must meet certain requirements and it can be either tangible (real or personal property) or intangible (copyright, patent, computer software). 

Thus, the requirements include: 

  • It must be property owned
  • Used in business or held on the production of income
  • It must have a determinable useful life, and 
  • It must be expected to last more than one year. 

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