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film-making gear and accessories

FilmmakerFilmmaker Member Posts: 9

Hi everyone, sorry if the question has already been answered but I can't find it so here it is: Is filmmaking gear like cameras, lenses, sound equipment assets or expenses? Is there an amount or a characteristic that differentiate the two categories? (a 3000e camera vs a 10e filter) Is durabilitytaken into consideration ? (For example batteries last a year or two, can be lost or damaged...etc) Thanks in advance.
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Comments

  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @Filmmaker! Great question! Typically, what the difference between these two accounts would be depends on the thing that's being purchased. Gas for a work trip, for example, would be an expense. It's not an asset, since it's not something that you can really hold, or re-sell. When you're purchasing filmmaking gear of any kind, that's going to be an asset, since you've got that equipment now :)

  • MikegMikeg Member Posts: 995 ✭✭✭

    @Filmmaker,
    I can only give you insight from a US perspective. It is going to depend on cost of each item. There is an election on IRC 263 which allows you to expense up to 2500 per item. So if a camera cost less than that, you can expense, if not then it would be an asset. You can still expense, however, it would be under the depreciation rules.
    As a side note, some states have personal property taxes which may not recognize the federal treatment. Meaning they may want you to declare the personal property such as cameras, sound equipment etc. Hope that helps.

  • FilmmakerFilmmaker Member Posts: 9

    Thank you Mike
    Infortunately my company is in the UK, I'm not sure they have the same rules.

  • MikegMikeg Member Posts: 995 ✭✭✭

    You can check with @MerlinAccounts_UK

  • FilmmakerFilmmaker Member Posts: 9

    Thanks Mike

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