DEFINITION of 'Depreciable Property'
Any type of asset that is eligible for depreciation treatment. Depreciable property can include vehicles, real estate, computers and office equipment, machinery and heavy equipment, and several other categories of assets. Depreciable property items tend to be long-term assets.
BREAKING DOWN 'Depreciable Property'
There are several different depreciation schedules offered for the various classes of depreciable property. Certain things, like land, cannot be depreciated. Depreciation is reported on Form 4562 and the instructions for depreciating an asset are found in IRS Publication 946.