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gear depreciation
Old 25th July 2007
Gear Nut
daeve's Avatar

gear depreciation

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


Old 25th July 2007
Registered User
Rick Sutton's Avatar

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

unless it's vintage gear in which case it could go up depending on what it is
Old 26th July 2007

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


Old 26th July 2007
Registered User
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.
Old 26th July 2007
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!
Old 26th July 2007
Gear Nut
daeve's Avatar

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