Furniture depreciation calculation

Hi,

I know depreciation is calculated at 12.5% but how is it calculated if you furnished the apartment while it was your PPR? In otherwords if I bought apartment and lived in it for 5 years prior to renting it, do I still calculate 12.5% of the total value?

Another question, is the 12.5% calculated on the total value for every year or does it change in the 2nd year of renting. i.e in year 2 will it be:

(Total cost of furniture - Year 1 depreciation) x 12.5%

Also regarding expenses, if your property is in another county can you claim mileage for any visits you make?

Thanks.

Open to correction,In that I generally leave all this to my accountant,but if I understand your quetion,I am almost sure pre letting expenses prior to first letting are not allowable under revenue rules.

Thanks Shark Trager. I'm more concerned with furniture and fittings rather than expenses. If apartment was let from the start I would be able to claim depreciation of furniture and fittings.

My question really is what happens if the furniture and fittings being used already have 5 years depreciation through my own use. Do I claim 12.5% but only for 3 years to take into account the 5 years they were under my own use? Or does it make a difference? Can I still claim 100% depreciation over 8 years of letting?

Thanks for your help.

You can claim wear & tear on 2nd hand furniture based on it's present value i.e. not original purchase price. You should keep a full list of items and the value you are placing on them (and be able to justify them if the revenue ever inspected you).

You then write this off over 8 years as usual starting from the year you place it in the investment property.