Klarinet Archive - Posting 000609.txt from 1995/10

From: Lorne Buick <mcheramy@-----.CA>
Subj: Re: IRS and the clarinet world
Date: Sat, 21 Oct 1995 23:59:25 -0400

Seriously though, here in Canada (I don't know whether you have the same
rules in the 'States) instruments can be depreciated in the same manner;
however, if they are subsequently sold, any capital gain is taxable. So if
I depreciate my clarinet to $0 over the years and then sell it, I have to
add the sale price to my income and pay tax on it. (I assume the same would
apply to violin bows, though I've never checked as I've never owned one...)

   
     Copyright © Woodwind.Org, Inc. All Rights Reserved    Privacy Policy    Contact charette@woodwind.org