Taxpayers use the half-year convention for all assets.
For personal property, taxpayers use either the half-year or mid-quarter convention.

Name: Taxpayers use the half-year convention for all assets. For personal property, taxpayers use either the half-year or mid-quarter convention.
Brand: Quizplus
Rating: 4.9 (42 reviews)

Question

Quizplus · Accepted Answer

The half-year convention is generally used for personal property, but the mid-quarter convention is used if more than 40% of the personal property is placed in service in the last quarter of the tax year.

Taxpayers Use the Half-Year Convention for All Assets