Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

What is the asset life of a new parking lot?

Customer Question
What is the asset life...

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?

Submitted: 7 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 9 minutes by:
10/3/2010
Tax Professional: Richard, Tax Attorney replied 7 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,796
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified

If its asphalt, it’s a 20 year depreciable life. If it's concrete, it's a 30 year depreciable life.

Ask Your Own Tax Question
Customer reply replied 7 years ago
Does the IRS seriously think that asphalt lasts 20 years and that concrete lasts 30 years?
Tax Professional: Richard, Tax Attorney replied 7 years ago

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!

Ask Your Own Tax Question
Customer reply replied 7 years ago
Okay, but I can't even FIND a 30-year asset category on my tax software. What "class" of asset would that be, then?
Tax Professional: Richard, Tax Attorney replied 7 years ago

A parking lot is considered an "Improvement Other Than Buildings"

Ask Your Own Tax Question
Ask Richard Your Own Question
Richard
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,796
55,796 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

55,796 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I am a Card holder planning to sell foreign assets (property
Hi....I am a Green Card holder planning to sell foreign assets (property in India)...I am aware that I will have to pay the higher of the 2 tax liabilities (either Indian or American)..I expect my US … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
We are a software development in India with our clients in
Hi...we are a software development in India with our clients in the US offshoring their software to us. We dont have a establishment in the US. Recently our client gave us the W-8BEN to fill. Could yo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
We are looking for advice in selling our assets out of our
we are looking for advice in selling our assets out of our c-corp. This will be a land contract sale. We would like to the tax treatment of asset categories. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If I purchase a business asset with a 5 years installment.
Hi,If I purchase a business asset with a 5 years installment. The asset is an office furniture. Can I can section 179 even if I am going to pay off the furniture in 5 years? Please note that I am on t… read more
Amanda Russell
Amanda Russell
Accounting Tax & Profit Strategist
Master\u0027s Degree
9 satisfied customers
We have a living trust but all the assets are gone and the
We have a living trust but all the assets are gone and the real property has been sold. What do we do to revoke this living trust? … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
I purchased an asset in 2013 and sold like kind asset 2016
I purchased an asset in 2013 and sold like kind asset 2016 can we use the like kind exchange on this purchase sale? the asset we sold was used as collateral for the asset purchased in 2013 … read more
abci168
abci168
Principal
27 satisfied customers
Can the IRS seize my assets for neither having health
Second opinion] Can the IRS seize my assets for neither having health insurance or paying the penalties.… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Lane I am using tax software for 1099c cancellation of debt
For Lane: Lane I am using tax software for 1099c cancellation of debt and the box that asks for "debt cancelled while insolvent" it has to be equal or less than the cancellation amount? I thought you … read more
Chad Schoch
Chad Schoch
Bacehlors of Business Administration
20 satisfied customers
Can the IRS seize my assets for neither having health
Can the IRS seize my assets for neither having health insurance or paying the penalties. … read more
abci168
abci168
Principal
27 satisfied customers
An S Corporation is selling its assets under an Asset
An S Corporation is selling its assets under an Asset Purchase Agreement. The 2 stockholders materially participate in the operation of the business. The business provides credit card processing softw… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Company A transferred assets and liabilities to a newly
Company A transferred assets and liabilities to a newly formed Company B … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
For non tax reasons, i want to transfer assets, non property
For non tax reasons, i want to transfer assets, non property assets, non 1231, 1245 assets, that are currently in an S corporation to a new S corporation. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
A dentist sells all of the hard assets of his practice,
A dentist sells all of the hard assets of his practice, which includes dental equipment, office equipment, furniture, cabinetry & leasehold improvements. Is the sale of the dental & office equipment r… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Are there limits on the types of assets that may be
are there limits on the types of assets that may be capitalized in a new S corporation, ie. fixed assets, inventory, lease improvements, that were paid for by a sister S Corp, and recorded on the sist… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Trust has one asset- a residential rental property. Property
Trust has one asset- a residential rental property. Property was sold in 2016. The Trust has $34,323.00 of unrecaptured 1250 gain. The maximum tax rate is 25%. The Trust has $3511.00 of Long Term capi… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
This is regarding Small Business property ownership & asset
This is regarding Small Business property ownership & asset valuation, between spouses, after death. There are several components to the query. First, is the family business co-owned or inherited by t… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
OUR TAX SOFTWARE IS REQUIRING A 1095- OR C SO IS THE IRS
OUR TAX SOFTWARE IS REQUIRING A 1095-B OR C SO IS THE IRS REQUIREMENTS FOR 2017 FOR 2016 TAX RETURNS THERE IS ALOT OF CONFUSION IN THIS MATTER i WOULD LIKE TO KNOW THE irs RULE… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Purchased the assets and property of a software company with
purchased the assets and property of a software company with my business looking for someone with knowledge on LLC capital accounts … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x