Tangible property is property you can see or touch and includes both real and personal property. Real property is land and generally anything built on land, growing on land, or attached to land. However, land itself is never depreciable. Personal property is property that is not real property, such as a car, truck, or office equipment. Intangible property generally has value but you cannot see or touch it.
Intangible property includes items such as copyrights, franchises, trademarks, and trade names.
You can depreciate property if it meets the following requirements. It is used in business or held for the production of income. It is something that wears out, decays, gets used up, becomes obsolete, or loses value from natural causes. It is expected to last more than one year. In other words, it has a useful life that extends substantially beyond the year it is placed in service.