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gear depreciation
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daeve
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#1
25th July 2007
Old 25th July 2007
  #1
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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
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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
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unless it's vintage gear in which case it could go up depending on what it is
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26th July 2007
Old 26th July 2007
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You still can amortize it that way. But if you sell it, you have to declare the proceeds as income.



-tINY

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26th July 2007
Old 26th July 2007
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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.
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26th July 2007
Old 26th July 2007
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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!
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daeve
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26th July 2007
Old 26th July 2007
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well this is mainly because my partner and i are splitting... and also for tax and insurance purposes.
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