Hello,
I cannot find a good source to determine the useful life of various types of capital expenses.
In Stessa there are predefined types like “New Flooring & Carpet”, “Remodeling”, etc., but I spent hours searching for any clue how to choose the usefule life for those types. I could only find this monster:
Does anybody know of a better (meaning more straightforward) way to set up useful life?
I stumbled across IRS publication 527. It lists useful life for real estate rental activities…
We strongly recommend working with a qualified CPA to determine useful life for any and all capital expenses. You should not assume that any particular expense category in Stessa necessarily corresponds to any specific useful life time period. Useful life varies based on the specific type of asset and all final determinations should be made in consultation with an experienced CPA.
Stessa’s categories and useful life options are provided for informational purposes only.