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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.
Depreciation gives you a write-off for a portion of the purchase price of your house -- not your land -- and any improvements. If you spent $250,000 for your house with $60,000 of the cost allocated to land, you can depreciate $190,000 over a period of 27.5 years for the entire building.