@gverma05 wrote:
Can I claim depreciation on the existing furniture which I have used for 4 years?
Yes, you can claim depreciation deductions on the furniture.
Furniture in residential rental units would be 5-year property (you would recover the cost over a 5-year period).
See https://www.irs.gov/publications/p527#en_US_2020_publink1000219075
You would use the lower of your cost or the fair market value of the furniture at the time it is placed into service as the basis for depreciation.
