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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.
You can, however, deduct the cost over a longer period of time, recognizing that although your property lasts more than one year, it doesnât last forever. Each year, the property decays, wears out, and becomes less usable. Deducting this cost each year is called depreciation.