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Furniture and fixtures, equipment and leasehold improvements are stated at cost. Depreciation of furniture and fixtures and equipment is computed using the straight-line method over estimated useful lives that range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related leases.
First, a quick review of few fundamental rules which havenât changed: 1  Residential buildings (dwellings, apartment buildings, condominiums, and co-op apartments) must be depreciated over 27.5 years. 2  However, the land isnât depreciable. 3  Furnishings may be depreciated over 5 years.