What is the useful life of flooring?
Regarding this, what is the depreciable life of flooring?
For residential real estate, carpet is depreciated over five years, but put in new flooring (wood, tile or linoleum), and it will take 27.5 years to completely depreciate the cost. That's because new floors are expected to last the life of the property.
Subsequently, question is, what is the useful life of building improvements? Useful life is the total number of years taxpayers can use to recoup the cost of depreciating property. At the time of publication, the useful life for improvements to businesses is 15 years.
Consequently, what is the useful life of vinyl flooring?
10 to 20 years
How do you depreciate laminate flooring?
Laminate floors are treated as affixed to the structure Unit of Property (UOP) and therefore should be depreciated over a period of 27.5 years. Carpeting can technically be pulled up and moved, whereas laminate cannot.