Wear and Tear - Furniture as part of sale

[Cityliving]

Hey there

When I bought my apt I paid 7K for the contents i.e. furniture can this be claimed as part of wear and tear or not as it was a pre-letting expense?

With thanks

 

[Dreamerb]

Hey there

When I bought my apt I paid 7K for the contents i.e. furniture can this be claimed as part of wear and tear or not as it was a pre-letting expense?

With thanks

It's not a pre-letting expense. It's a capital cost. Pre-letting expenses are things like electricity bills before you have tenants, interest costs before letting, that sort of thing.

Yes, you can depreciate at 12.5% of purchase price each year.