Last year I put in brand new vinyl plank flooring in the basement of my rental property and depreciated the cost over 7 years but tenants ruined the floor in 6 short months and it had to be torn out and re-done with completely new material after they were evicted. Is there a way to remove the floor from my depreciated items since it is no longer in service, but still receive "credit" for the expense? I tried taking the item out of service on Turbo Tax but it did not change my amount due, so do I just have to eat the cost of that?
