Hi all,
I'm in the process of getting a flood damaged unit fixed. About 1ft of water went through the place, and the walls and a fair bit extra need replacing. The unit was furnished, but the furniture is no good, so the tenant is going to use their own furniture.
I've had a depreciation report done from a few years ago, that encompassed a 10 year time frame i think, would it be wise to update this, seeing as there is no furniture deductions, plus the fact that there will be new construction etc done.
What else from this kind of fix work can i claim as a deduction and money spent on etc? Everything?
Thanks!