How do I determine the life of the asset?

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How do I determine the life of the asset?

If this is an asset that you have previously been depreciating, you should refer to your prior year tax return for the life that was being used. If this is a new asset and you are not sure, you may want to refer to the Tax Guide 2012 in the Tools & Resources menu.

Normally an automobile would be depreciated using a life of 5 years.


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