Quote:
Originally Posted by Fat_ninja
How do u depreciate ur watches? Accellerated straighline? How many years. Also what country allows u to depreciate them? I need to tell my accountant to move me there
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5 year straight line with residual value....that's for internal use not tax. In certain tax jurisdictions the test is whether you are a collector or dealer. A dealer they would classify as someone who buys and sells regularly and whilst you may not be a true dealer you could be dragged into be classified as one. That would mean that profits would be taxed and of course losses deducted. I avoid flipping for this reason