Internal Revenue Service Publication 534 provides the recovery periods and depreciation percentages used under the Accelerated Cost Recovery System. The publication is available on the IRS website or can be mailed to a taxpayer on request, notes the IRS.
The Accelerated Cost Recovery System, or ACRS, was required for most new or used assets brought into service by a trade or business, according to the IRS. It was used from 1981 through 1986. Personal property had 3- or 5-year recovery periods. Real property, such as buildings, had 10-, 15-, 18- or 19-year lives, depending on the exact date the structure was placed in service.
For assets placed in service after 1986, taxpayers generally must use the Modified Accelerated Cost Recovery System, or MACRS, says the IRS.