Schedule of depreciation for tax on sale of vehicle. [Effective through December 31, 2005.]
1. Except as provided in subsection 2, for the purpose of computing the tax on the sale of a vehicle by a seller who is not required to be registered with the Department in the manner provided for in subsection 6 of NRS 374.112, a vehicle must be depreciated according to the following schedule:
Age Initial Value
New.............................................................................................................. 100 percent
1 year............................................................................................................. 85 percent
2 years........................................................................................................... 75 percent
3 years........................................................................................................... 65 percent
4 years........................................................................................................... 60 percent
5 years........................................................................................................... 55 percent
6 years........................................................................................................... 50 percent
7 years........................................................................................................... 45 percent
8 years........................................................................................................... 40 percent
9 years........................................................................................................... 35 percent
10 years......................................................................................................... 30 percent
11 years......................................................................................................... 25 percent
12 years......................................................................................................... 20 percent
13 years......................................................................................................... 15 percent
14 years or more........................................................................................... 10 percent
2. The amount of depreciation calculated under subsection 1 must be rounded to the nearest whole multiple of $20 and the depreciated value must not be reduced below $100.
Last modified: February 27, 2006