Depreciation of Persian Rugs?
Does anyone know if there is some kind of formula collectors and sellers go by to determine the depreciation in value of a Persian rug. I have a few that have incurred some water damage. I am hoping to sell them but I have no Idea what they may be worth now. They have all been appraised at over ,000 (considering perfect condition).
You have to get them re-appraised. Maybe the water damage can be repaired. Call a pro.
Look for section 179 property on IRS.gov. If there is not a specific listing for the item then the depreciation is 12 years.