And are you indicating that you’d write off the full 900 in one year? It hasn’t been an issue up to now, as I didn’t replace anything. However, tenants left and I had to replace some things, now I’ve replaced some carpets in the house, I don’t know how to treat them on the excel spreadsheet. I am sure this just be a very common thing for a landlord, I’d be Interested to hear how others go about it. Surely you can’t depreciate an item that is removed from house??No
What I would do is depreciate 125 every year for 8 years
Then on year 3 you have a once off expense of 900
Personally, I would continue to w/o the original carpets at 125/year till the 8 year term was up and 112.50 per year for the new flooring for a further 8 years.Hi folks, for the purposes of a rental property I set my wear and tear at the beginning of the tenancy. It was my family home so I was estimated the value of some things, on low side. I know I don’t have receipts but I think this aspect will be ok. Take carpets and wooden flooring, and I depreciate their value of 1000 euro over 8 years. I replace some of them after 3 years and it cost me 900. Do I indicate that 300 worth of carpets were replaced, leaving 700 of original outlay. I then add the 900 to the 700 giving me 1600. I depreciate the remaining initial value over 5 years and the 900 new value carpet over 8 years? Thanks
I said bedroom one carpet was x, bedroom 2 was y, stairs and Landing was z etc. All added up to 1000 notional value.Is it % floor area X % time ?
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