wear and tear

/wɛr ænd tɛr/

/wɛə ænd tɛə/

Definitions of wear and tear

1. noun

   decrease in value of an asset due to obsolescence or use
   synonyms: depreciation

   types:

   straight-line method, straight-line method of depreciation

   (accounting) a method of calculating depreciation by taking an equal amount of the asset's cost as an expense for each year of the asset's useful life

   write-down, write-off

   (accounting) reduction in the book value of an asset

   deduction, tax deduction, tax write-off

   a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket

   type of:

   non-cash expense

   an expense (such as depreciation) that is not paid for in cash

   financial loss

   loss of money or decrease in financial value