Depreciation: Can I claim 12.5% if house not let for full year?

S

stuffit

Registered User
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I've rented out my house for the first time.
The lease begins on 1st August.

For tax purposes I can offset depreciation of furniture against rental income. It's 12.5% per annum for 8 years.

Can I claim the full 12.5% this year, even though house will be let for only 5 months? Or do I have to pro-rate the depreciation??



Thanks

Ste
 
So furniture is only deemed to depreciate while the property is occupied? Did I read that correctly?
 
As this is a first let, then you are only allowed depreciate for the time it is actually let.
If a property is let for 4 months, vacant for 4 and then let for 4 I don't know the rules around that.
 
ARCH said:
No pre letting expenses are tax deductible..
Click to expand...

Not totally correct.

There a a couple of exceptions.

Auctioneers letting fees, advertising fees and legal fees on the first letting.
 
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