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New Member
posted Oct 29, 2019 5:04:34 PM

Can I claim a cost for furnature that I owned (for years) and used in one of my rental properties?

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1 Best answer
New Member
Oct 29, 2019 5:04:36 PM

The problem is that you would need to add it at market value this year which is probably very little.  You would have to add it as a class 8 at 20% and only claim half of that the first year.  I don't thin it is worth it.

If you wanted to use it as an expense, you probably could due to the low value, but you would use the market value of a "years old" couch, which again is likely to be very little.  You cannot claim the original cost.

1 Replies
New Member
Oct 29, 2019 5:04:36 PM

The problem is that you would need to add it at market value this year which is probably very little.  You would have to add it as a class 8 at 20% and only claim half of that the first year.  I don't thin it is worth it.

If you wanted to use it as an expense, you probably could due to the low value, but you would use the market value of a "years old" couch, which again is likely to be very little.  You cannot claim the original cost.