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What is Useful Life And Why Is It Important in Property Management?

What is Useful Life And Why Is It Important in Property Management?

When managing rental properties, understanding the concept of "useful life" is crucial. Useful life refers to when an asset, like a building or appliance, is expected to be functional and contribute to generating income. Knowing the useful life of your property's components helps in planning for maintenance, calculating depreciation, and managing tax liabilities. For property owners, this mea...