Useful Life
Definition of "Useful life"
Usual operating service life of property for the purpose it was acquired. The useful life used for depreciation accounting does not necessarily coincide with the actual physical life or any commonly recognized economic life. An example is a building that can be used for 30 years.
Popular Real Estate Terms
Property description contained in a title deed. A deed description is intended to inform a reasonable person where property is located. It can be described by metes and bounds, by ...
Under current tax law, real estate is depreciated under either the straight-line method or modified accelerated cost recovery system (MACRS) method. See also MACRS. ...
Depreciation method based on the anticipated useful life of the property, allowing for normal wear and tear. ...
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Trust beneficiary of an individual who is legally entitled to the property and financial benefits of a trust whose title is in another name. ...
Heating system generating heat through radiation as opposed to a convection heating system. For example, baseboard heating is a radiant heating system where the heat from circulating hot ...
Average number of business days an office space is being used. ...
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Map within a governmental jurisdiction showing the boundary lines and ownership of all real property. A cadastral program produces the cadastral map. ...
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