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Question of the Week

Using the MACRS GDS method of depreciation, office furniture and fixtures (such as desks, files, and safes) appear in which property class?

  • 3-year property
  • 5-year property
  • 7-year property
  • 15-year property
  • 20-year property

Answer: 7-year property

The 7-year property class under GSD includes office furniture and fixtures (such as desks, files, and safes), agricultural machinery and equipment, any property that does not have a class life and has not been designated by law as being in any other class, certain motorsports entertainment complex property placed in service before January 1, 2012 and any natural gas gathering line placed in service after April 11, 2005.

For more information on property class see IRS Publication 946 - How to Depreciate Property

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