Should Murals Be Capitalized?

This category consists of the works of art (murals, frescoes, sculptures, fountains, mosaics, etc.) ... Public art is capitalized at purchase cost.

Should artwork be capitalized?

In general, art should be capitalized by businesses in the company accounts. But is not always tax deductible, at least not immediately by most investors. However, how the art is used does play an important tax role and some deductibility may be possible.

Is a mural depreciable?

[A] valuable and treasured art piece does not have a determinable useful life. While the actual physical condition of the property may influence the value placed on the object, it will not ordinarily limit or determine the useful life. Accordingly, depreciation of works of art generally is not allowable.