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Fair value for furniture in rented property

GGTrek · 2014-03-27 21:34:31

I recently purchased an investment property with furniture included in the purchase price. Can I assume a fair value for the existing furniture and discount 1/8 of its value from income for income tax purposes? Or should I have purchased the property with one contract and the furniture with another?

27-03-2014 9:34pm

#1

GGTrek

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I recently purchased an investment property with furniture included in the purchase price. Can I assume a fair value for the existing furniture and discount 1/8 of its value from income for income tax purposes? Or should I have purchased the property with one contract and the furniture with another?

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#2 28-03-2014 8:40am

The_Conductor

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It doesn't really matter how you structure the transaction.
The value of the furniture for tax purposes, commences on the date of purchase of the furniture- as new furniture.
You may get away with writing it off on a flatline basis- if you have a separate invoice for it- however, Revenue do not normally allow you to write down the price of secondhand furniture. Without a separate invoice- don't bother even trying- you'll probably end up getting audited- even if your finances are fine- taking a day out for an audit is annoying.

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