Piano Depreciation

[William R. Monroe]

Hi David, Terry,

Most likely a piano teachers instrument that they purchased for teaching and 
intend to write off would be amortized over a seven year period.  I believe 
there are a couple of different rates they can use within that time frame as 
well.  One is a straight scale (x% per year times 7), the other is a 
graduated scale of some sort.  Don't have it in front of me now, but maybe 
that's close enough for you.

If it's for appraisal/insurance purposes, that's where Fine's book and 
Ancott come in.

Best,
William R. Monroe



> Part of what I was wondering was over what period of time a piano should 
> be
> depreciated over.  They do tend to last awhile with some value remaining.
>
> David Love
> davidlovepianos at comcast.net
> www.davidlovepianos.com
>
>
> Larry Fine describes several methods of calculating depreciation value of 
> a
> piano. However, for tax purposes, doesn't one simply, on some basis, pick 
> a
> number of years over which to depreciate a large business purchase - I 
> think
>
> for tax purposes it really doesn't relate so much with actual value.
>
> However, finances and taxes are among my weakest areas of knowledge - but 
> I
> am curious about this. Someone else?
>
> Terry Farrell
>
> ----- Original Message ----- 
>> Does anyone know the standard method and rate at which pianos are
>> depreciated (say in the case of a piano teacher) for tax purposes.  I 
>> have
>
>> a
>> customer asking me and though I don't intend to advise him on tax 
>> matters,
>> I'm curious.
>>
>> Thanks
>>
>> David Love