The mid-year convention is used for personal property only.

Name: The mid-year convention is used for personal property only.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The mid-year convention is commonly used for personal property such as cars, appliances, and electronics. It allows for a more accurate depreciation estimate by assuming that the property was used halfway through the year regardless of when it was actually acquired. However, real property (such as buildings and land) typically uses the mid-month convention.

The Mid-Year Convention Is Used for Personal Property Only