Using second-hand furniture in an investment property

[Glazer FC]

I understand that the cost of furnishing an investment property can be deducted from rental income for a number of years, by depreciating that furniture @ 12.5% p/a for 8 years. What happens if we use furniture from our own home... can the original cost of it be factored into the equation? e.g. if the furniture is two years old when we move it into the inv prop, can we reduce the original cost by 25% (12.5% * 2) and then deduct further depreciation from our rental income figure?

 

[nt00deep]

If you are planning an alternate use for your existing furniture, then presumably you are planning to buy more new for your current home.

Do you really think an inspection will be performed to ensure you are using the new furniture in the let property?

 

[Glazer FC]

I thought the Revenue might get suspicious when they saw a €3,000 leather suite being put into a rented house... not exactly what they had in mind when they compiled the Landlords' Obligations at the PRTB!

 

[DonKing]

I think once you put in reasonable figures for the value of the furniture you should be alright even if revenue decide to audit you. Once you get your tax returns in on-time and you don't have extraordinary numbers on your return, it is very unlikely that revenue will bother doing an audit of your returns.