daeve
Thread Starter
#1
25th July 2007
Old 25th July 2007
  #1
Gear nut
 
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Thread Starter
gear depreciation

hi guys! i need to get estimates value for my gear and i was wondering how you go about calculation depreciation?

thanks

dave
#2
25th July 2007
Old 25th July 2007
  #2
Lives for gear
 
Rick Sutton's Avatar
 

5 year depreciation.
year #1....15%
year#2...... 21%
year #3......21%
year #4......21%
year #5......the remaining balance
#3
25th July 2007
Old 25th July 2007
  #3
Gear maniac
 

unless it's vintage gear in which case it could go up depending on what it is
#4
26th July 2007
Old 26th July 2007
  #4
Gear Guru
 
tINY's Avatar
 



You still can amortize it that way. But if you sell it, you have to declare the proceeds as income.



-tINY

#5
26th July 2007
Old 26th July 2007
  #5
Lives for gear
 
Rick Sutton's Avatar
 

In my earlier reply I laid out 5 year depreciation as used for tax purposes but if you are trying to figure out what the current value of a piece of gear is (say for insurance purposes) that's a whole different thing.
#6
26th July 2007
Old 26th July 2007
  #6
Lives for gear
 
Tibbon's Avatar
You can do a double declining depreciation as well. You've got a business, call an accountant!

And a lawyer while you're at it!
daeve
Thread Starter
#7
26th July 2007
Old 26th July 2007
  #7
Gear nut
 
daeve's Avatar
 

Thread Starter
well this is mainly because my partner and i are splitting... and also for tax and insurance purposes.
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