Question Details

	Username: Fluffy Rating: Asked to: Heng Kim Date Created: 28 Jun 2018
Category	28
Tag	Financial
Question	What does 'Useful Life' mean?

Advice from Guru

Hi Fluffy,

The useful life of an asset is an estimate of the number of years an asset is likely to remain in service for the purpose of cost-effective revenue generation. The Internal Revenue Service (IRS) employs useful life estimates to determine the amount of time during which an asset can be depreciated. There are a variety of factors that can affect useful life estimates, including usage patterns, the age of the asset at the time of purchase, and technological advances.

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