If you do not choose a section 179 deduction or you choose a section 179 deduction and do not recover all your cost, you can take a depreciation deduction for part or all of the cost you did not claim as a section 179 deduction. Property whose cost can be recovered through depreciation is depreciable property. Depreciable property may be tangible or intangible. Intangible property is commonly amortized. 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.