Have a Tax Question? Ask a Tax Expert
What is the asset life of a new parking lot (was formerly asphalt, is now concrete)? Is this "non-listed property" with an asset life of seven years?
If its asphalt, it’s a 20 year depreciable life. If it's concrete, it's a 30 year depreciable life.
I understand totally, but in so many cases the suggested depreciable lives rarely match up with the reality. All I can do is provide and suggest useful life for depreciable assets. To me, very little the IRS does makes any sense. I'm sorry!
A parking lot is considered an "Improvement Other Than Buildings"