We converted our main home into a rental home in July of 2019. I understand how to depreciate just the property (house, not the land), but how do I/can I depreciate the things left in the house for the tenants to use. We left a basement home theater (all electronics, screen, seating), a fully furnished gym (electronics and equipment), fully furnished bedroom, as well as TVs....I guess you could say we rented it out with a fully furnished basement. Would I need to break down individual assets with the original price, or could I generalize (ex. home theater $$$). Would I use the original purchase price of the equipment, even if it was purchased 5 years ago? Can I/should I do this? Thank you for your time; this is our first time renting out our home while we are out of state.
