Depreciation for Piano.
Client is a muscian ... She uses musical instrument in instruction.. What is the correct number of years for depreciation of a piano?? Is 7 years acceptable. Piano cost 60,000.
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01/27/10 8:39am PST
Viewed by asker 01/12/11 1:44pm PST
Viewed by asker 01/12/11 1:44pm PST
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PhoebeRoberts
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01/27/10 9:26am PST
The solution
Maybe distributive trades (Asset Class 57), which is 5 years. I'd have no issue with 7, either.
At $60k, it's not an antique, so those issues don't come into play.
If it was converted from personal use to business use, depreciable basis is the lesser of FMV at the time of conversion or original cost.
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