What is the best way to buy furniture to furnish an apartment? How do we claim it as a deduction?
Thanks in advance.It really does depend on the age and style of the property. There is nothing wrong with buying some thing second had at auction or even ebay etc. When furnishing a property you cannot forget the small things, like wall hangings, mirrors or painting, bookshelves, lamps etc fake plants are good.
For depreciation purposed, I’d try and keep purchases below the $1000 value, this allows all the item to be included in the low-value pool of depreciation which attract a higher amount of depreciation in the early years.
There are some depreciation gurus ‘Depreciator’ that may offer more specific advice re the depreciation.
Mal
Getting out of your comfort zone, can help you become comfortable
I think you can claim furnishings, linen, bits and pieces and even bigger pieces in the very first year if they cost you less than $300.
More than $300 you will need to deprec it over a longer stretch.
I have done some of these and I allow about $7k per unit for all new stuff.
This incl frig, washers curtains rugs, prints etc etc.[suave]Giddo
http://www.standrewsplace.com.au“I am not a religious man; but if you are out there somewhere Superman, save me now! -Homer Simpson
You must be logged in to reply to this topic. If you don't have an account, you can register here.
