Hi,
I purchased my rental in May 2015 and sold it in may 2018.
Sale price was 257k for the building and 13k for the land. I claimed 21k for the property depreciation.
I'm confused what to do with the other depreciated items like renovations (inc kitchens) appliances and furniture. Some I left, some I kept as personal items and some I sold. How is each instance handled? They all had some depreciation taken but not all.
I've read some answers, but if someone could reply with examples that would be awesome. e.g.
Appliances cost $2500 depreciation 1777 (left in property)
furniture cost $2500 depreciation 1378 (sold for about 40% of the original cost)
furniture cost 1000 depreciation 500 (kept this as personal property)
Many Thanks for your time to help.
Dave
