Select the type of furniture, purchase price, and the number of years owned to determine the current value due to furniture depreciation.

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## Furniture Depreciation Formula

The following formula is used to calculate the total depreciation and current value of a piece of furniture.

`CV = OP - (D/100*OP*A)`

- Where CV is the current value of the furniture
- OP is the original price of the curniture
- D is the depreciation per year (%)
- A is the age of the furniture in years

## Furniture Depreciation Rates

The following table lists common depreciation rates for different types of furniture.

Type of Furniture | Depreciation Rate Per Year (%) |

Sofa | 7 |

Wood Furniture | 10 |

Light Fixtures | 5 |

Mattresses | 12 |

Wood Dressers | 9 |

Faux Wood Furniture | 14 |

## Example Problem

How to calculate furniture depreciation?

**First, determine the purchase price of the furniture.**For this example, we are looking at a sofa that was purchased at $1,000.00.

**Next, determine the average depreciation rate per year.**Looking at the table above, the depreciation rate for a sofa is found to be 7% per year on average.

**Next, determine the age of the furniture.**This furniture has been owned for 6 years.

**Finally, calculate the current value of the furniture using the formula above.**CV = OP – (D/100*OP*A)

CV = 1000 – (7/100*1000*6)

CV = $580.00.